Implementation of “Tax Law Second” Amendment Ordinance to Prevent Currency Smuggling
The government’s action, “Tax Law Second” amendment ordinance was implemented to curb the smuggling of currency and valuables.
According to the details, the Federal Government has implemented the Tax Law Second Amendment Ordinance 2019 from December 26 to achieve the goals of the Financial Action Task Force (FATF).
According to the ordinance, fine will be imposed on carrying more than 15 towlas of gold and more than $ 10,000 for preventing the smuggling of currency and valuables. In addition, $ 75,000 will be fined for carrying more than $ 20,000 abroad, and $ 150,000 will be fined for carrying more than $ 50,000.
FBR spokesman says whether the ordinance will apply to Ian Ali or not? The court will decide. The draft of the ordinance has been sent to Parliament.
He said that non-registered retailers will not receive more than one crore goods a year.
Electricity bill of Rs 12 lakh has been declared mandatory for sales tax registration instead of 6 lakh annually.
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