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Benami law

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THE government appears to be gearing up to implement a law providing stiff penalties for an individual holding benami properties, or assets, in the name of another for concealment purposes. The measure is necessary considering how prevalent the practice of holding benami property — whether movable of immovable — is in this economy, and the significant role that it plays in enabling tax evasion, money laundering and terror financing. Eliminating these menaces is a critical priority for restoring the credibility of Pakistan’s financial system, giving the tax machinery a proper picture of the incomes and transactions........

© Dawn