Islamabad Chamber of Small Traders (ICST) on Sunday said business community supports the decision of the government to operationalise the Benami Transactions Prohibition Act.
The move would empower tax authorities to confiscate properties held in other than owners names which would discourage corruption, it said.
The decision will divert the movement towards productive sectors of the economy and shrink the undocumented economy, said Patron ICST Shahid Rasheed Butt.
He demanded strict action against those who try to derail the move to support the corrupt while no amnesty should be allowed to offenders who held properties in the same of relatives, servants or others.
Shahid Rasheed Butt said that the authorities should also take tax bar associations and the business community on board to make it a success.
The Parliament approved the law in January 2017 but bureaucrats and politicians successfully delayed application of the law on flimsy grounds which was against the national interests.
The scope of the law should be extended so that it can cover benami investments in foreign currency, shares, other financial instruments, and jewellery etc.
Fine should be increased while strict action should also be taken against “Benamidar” the other person on whose name the property is shown to discourage the tendency, he demanded.
He noted that the annual tax collection target is not achievable which should be lowered to boost economic growth. The government is focusing on economic revival; therefore, a shortfall in tax collection in the short term is very natural.
