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ISLAMABAD: The Federal Board of Revenue (FBR) has established four more anti-Benami zones each in Peshawar, Faisalabad, Multan and Hyderabad to trace undeclared properties.
According to a notification issued by the revenue collecting agency, the new anti-Benami zones will function under the Directorate General of the Anti-Benami Initiative, Islamabad.
These zones will trace undeclared properties in these cities. Such zones are already working in Islamabad, Karachi and Lahore.
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.
