Islamabad: The National Assembly (NA) Standing Committee on Finance and Revenue on Thursday provided its approval to the ‘Tax Laws (Second Amendment) Bill, 2020’ draft, a news source reported. As per the publication, most of the clauses in the said legislation pertain to the imposition of penalties and fines — and to empowering the country’s taxation agencies with administrative authority.
Member of National Assembly (MNA) Faiz Ullah chaired a meeting of the NA Standing Committee on Finance and Revenue to this effect. The member (Customs) informed the committee about the prominent features of the provision. The attendees discussed the bill at length and passed it unanimously without any amendment.
Through the Tax Laws (Second Amendment) Ordinance, the government is expected to impose fines and penalties on gold, silver, platinum, and currency smuggling – as per the requirements communicated by the Financial Action Task Force (FATF).
Moreover, the traders from Faisalabad told the committee about the problems confronted by the local business community due to the Computerised National Identity Card (CNIC) condition. They claimed that the said policy had disrupted business activity in the country.
