The Benami Transactions (Prohibition) Act, 2017 will not be applied to transactions completed before the launch of the current amnesty scheme, according to the Federal Board of Revenue (FBR). The decision aims to give clarity to past property holdings and shield legacy cases from being re-classified as benami (i.e., held in someone else’s name) retroactively. Concurrently, the amnesty scheme remains open for eligible declarations, offering a clean-slate opportunity for property held in another’s name.
This exemption from retrospective application is expected to reduce disputes, ease compliance burdens, and to encourage participation in the disclosed-asset regime.
Read the latest news and updates at supernews.pk