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50pc tax on proven money laundering, tax evasion

FE REPORT | June 12, 2020 00:00:00

Finance minister AHM Mustafa Kamal has proposed to impose 50 per cent tax on the proven amount of over or under-invoicing or false declaration of investment in the upcoming fiscal year (FY).

In the budget speech on Thursday, he proposed the provision for curbing money laundering and tax evasion that takes place through acts of under-invoicing, over-invoicing and false declaration of investment.

He proposed to insert a new section in the Income Tax Ordinance in this regard.

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