The government, on the direction of FATF has issued the ordinance to prevent the smuggling of currency and gold from the country, under which heavy penalty would be laid on the smugglers
Islamabad (Pakistan Point News / Online - 01st January, 2020) The government, on the direction of FATF has issued the ordinance to prevent the smuggling of Currency and gold from the country, under which heavy penalty would be laid on the smugglers.The spokesperson of FBR , Dr Hamid Atiq briefed the media here on Wednesday .He told the journalists that Tax Amendment Ordinance 2019 , which has been signed by the President of Pakistan on 26th December , which mentioned that if someone would be caught while smuggling more than 10,000 USD or 15 tola gold would be punished for two years term and fine would be levied on him four times of the value of confiscated money or gold from his possession.
He said that during first six months of current financial year total revenues of Rs 2083 billion are collected , which is 16.3 percent more than the previous year's correspondent period. However the decrease in exports caused the fall of collection of customs duty by Rs336 billion ."FBR is committed to take the business community on board . We refunded Rs 103 billion to the businessmen and refund of Rs 39 billion are in the pipeline, whereas the refunds in the first half of the last financial years were just Rs 36 billion.
He said that Chairman FBR decided not to take any action against those people , who would become filer till next June, rather only tax evaders would be taken to the law. Till now some 186 retailers points of sale have been linked with the system of FBR, whereas about 40 retailers are connected online . Now FBR would attach 20,000 big shops with the point of sale system , whereas in the first tier , about 4700 large shops would be connected with the system.