ISLAMABAD: The Federal Board of Revenue (FBR) has decided to seize luxury benami vehicles in Karachi.
According to sources, FBR started confiscating benami vehicles following an order passed by an appellate forum in favor of the tax authorities.
Recently, the first appellate forum passed an order in favour of the tax authorities giving them a go-ahead for confiscating the motor vehicles where beneficial owners were different from the purchasers of the motor vehicles.
The sources disclosed the officials of FBR Karachi had sought help from National Highway Motor Police, Anti-Car Lifting Cell and Police for the confiscation. On Saturday, FBR has identified 21 luxury benami vehicles in the metropolis.
The tax authorities in a statement said FBR’s Anti-Benami Zone-III had identified 21 vehicles worth millions of rupees registered in the names of different people. These vehicles included Prado, Premio, Mehran, Cultus, Wagon R, Corolla, Alto, Land Cruiser and Sportage.
FBR will release a public notice with regard to these suspected benami assets that were purchased via benami transaction as defined under the Benami Transactions (Prohibition) Act, 2017.
According to law, FBR anti-benami zone can seize a vehicle if the relevant person fails to give the source of income.
Earlier, the Federal Board of Revenue (FBR) had said the track and trace system would be rolled out from July 2021 and would help in enhancing revenue collection in the country.
A meeting of the Senate Standing Committee on Finance, Revenue and Economic Affairs Senator chaired by Farooq H. Naek was also informed that the scope of track and trace would be expended to other industries including sugar, cement and fertilizers.
The system would also monitor the beverages and help to overcome the issues of under-invoicing as well as expanding the tax base, said the bureau. The committee was also informed that FBR had initiated work on track and trace system development but did not succeed, adding that the work was initiated again and that would be operational by July this year.