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Government amend tax laws to comply FATF recommendations
The Federal government has brought significant change in tax laws to trap currency smugglers and make the environment a business-friendly, the development occurred through a presidential ordinance on December 28. The 24-page ordinance reads that individuals carrying more than $10,000 abroad will suffer heavy fines and penalties — carrying currency from $10,000 to $20,000, the […]
The Federal government has brought significant change in tax laws to trap currency smugglers and make the environment a business-friendly, the development occurred through a presidential ordinance on December 28.
The 24-page ordinance reads that individuals carrying more than $10,000 abroad will suffer heavy fines and penalties — carrying currency from $10,000 to $20,000, the currency will be forfeited and will be imposed a double fine while carrying currency $20,000 to $50,000, will face two years imprisonment with similar other fines, from $ 50,000 to $1k, four times fine will be imposed with 7 years of imprisonment — yet the punishment goes high with the amount of the currency — leads to 10 times fine and 14 years in prison even.
Meanwhile, the ordinance has made a reduction in the standard rate of minimum tax to 0.5pc from 1.5pc in the case of traders having a turnover up to Rs100 million for the tax year 2020.
Besides carrying more than 150-gram gold to abroad will face harsh consequences from a mere fine to imprisonment of up to 14 years.
The amendment ordinance has been issued to comply with FATF recommendations — previously such advancement has been seen in buying properties and jewelry that without giving CNIC, mobile number, and the source of income: any person cannot buy any kind of property and jewelry.
To be noted, on October 19, FATF sustained Pakistan in the gray list and asked to fulfill its action plan by February 2020. Amongst one of the commitments in completing its actions, involve:
“demonstrating that authorities are identifying cash couriers and enforcing controls on the illicit movement of currency”
