ISLAMABAD: The Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization Thursday discussed in detail a bill to provide for prohibition of holding property in Benami and identified many amendments for making it more result-oriented.
The committee meeting, chaired by Senator Saleem Mandviwala, discussed the Benami Transactions (Prohibition) Bill 2016 in detail and held clause-wise discussion.
The bill deals with the problem of tax evasion and black money, especially in the real estate sector and to target transactions that are carried out in other people's names.
One of the major objectives of the proposed bill is to put an end to Benami transactions, and to empower the government to recover such property. It would prohibit all persons from entering into such transactions.
The chairman requested the members to present the amendments in proper form so that these may be discussed during the upcoming meeting of the committee and then forwarded to the relevant forum for incorporation in the bill.
Among others, the meeting was attended by Senators Ilyas Ahmad Bilour, Muhammad Mohsin Khan Leghari, Ayesha Raza Farooq, Nasreen Jalil, Saud Majeed, Mohsin Aziz, and Muhammad Azam Khan Swati.
Chairman Federal Board of Revenue (FBR) and high officials from the board and representatives from Finance Ministry and State Bank of Pakistan were also present on the occasion.
The amendments that were put before the house by members included that a rule should be incorporated in the bill to provide reward for whistle blower for exposing property held in Benami.
The members also asked for proper timeline for the implementation of the bill besides making amendments in the penalty of the persons found guilty of holding property in Benami.
The SBP has recommended that the clause 17,18,19 and 20 which deal with giving power of authority to the executing organization to impound and raid that transaction documents.
The Senate committee deferred discussion on the Protection of Economic Reforms (Amendment) Bill 2016.
It also deferred the private members bill titled the Partnership (Amendment Bill 2016), introduced on September 26.
On the request of FBR, the committee also deferred the issue of alleged corruption committed by FBR officials working in Azad Jammu and Kashmir.
It approved report of committee on the companies (Appointment of Legal Advisers) (Amendment) Bill 2016 for presentation to the house during the current session.
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