KARACHI: The Finance Ministry has prepared a draft for amending the Income Tax Ordinance 2001 against the evaders of the income tax to boost revenue generation.
According to the source, the Finance Ministry is willing to declare the crime of income tax evasion as money laundering and for this action a draft has been prepared with the help of financial experts. After the amendments in the Income Tax Ordinance 2001, the tax evaders will be punished same as in a money laundering crime.
The draft prepared by the financial experts has introduced that the fake disclaimers of the income tax will be charged for the three years of imprisonment and Rs 0.1 million fine.
In the said draft wrong usage of the National Tax Number (NTN) has also been declared money laundering and on the wrong usage of the National Tax Number the fine penalty of fifty thousand rupees has been recommended. Anyone using the NTN number of other person is also defined as crime and if anyone found using the National Tax Number of other person will be charged surviving two years of the imprisonment.
The source also informed that the said draft is prepared on the request of the International Monetary Fund as IMF has many times asked the high officials of the finance ministry for including the tax evasion crime as money laundering.
