Regulatory Alerts2016-05-20
Addition of Predicate Offences-Income Tax Ordinance, 2001
The Federal Government has issued a notification under the Anti-Money Laundering Act, 2010, to amend the Schedule by incorporating specific offences under the Income Tax Ordinance, 2001. New additions include provisions for the prosecution of false statements in verification, concealment of income, improper use of National Tax Number certificates, and abetment. These additions apply specifically to cases where the tax sought to be evaded is ten million rupees or more.
THE GAZETTE OF PAKISTAN, EXTRAORDINARY PUBLISHED BY AUTHORITY ISLAMABAD, FRIDAY, MAY 20, 2016
PART II Statutory Notifications (S. R. O.) GOVERNMENT OF PAKISTAN FINANCE DIVISION
NOTIFICATION
Islamabad, the 14th May, 2016
S. R. O. 425 (I)/2016.—In exercise of the powers conferred by section 42 of the Anti-Money Laundering Act, 2010 (VII of 2010), the Federal Government is pleased to direct that the following further amendments shall be made in the Schedule to the said Act, namely:—
In the aforesaid Schedule,—
After Section XII, the following Section XIIA shall be inserted, namely:—
"XIIA-The Income Tax Ordinance, 2001
- Prosecution for false statement in verification—where tax sought to be evaded is ten million rupees or more
192A. Prosecution for concealment of income—where tax sought to be evaded is ten million rupees or more
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Prosecution for improper use of National Tax Number [Certificate]—where tax sought to be evaded is ten million rupees or more
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Prosecution for abetment—where tax sought to be evaded is ten million rupees or more."
[Finance Division F. No. 3-40/AML-I/2014.]
SUHBAT ALI TALPUR, Deputy Secretary.