Illegal transfer of funds: Mis-declaration of value declared serious offence

Chairman FBR Shabbar Zaidi has said that mis-declaration of value for illegal transfer of funds abroad has been declared a serious offence under the Customs Act, 1969 and can be prosecuted under money laundering offences. The Finance Bill, 2019 has introduced a new section 32C (mis-declaration of value for illegal transfer of funds abroad) to the Customs Act under which, if a person overstates the value of imported goods or understates the value of exported goods or vice versa, he or she will be served with a notice within a period of two months from the seizure of goods to show cause as to why such goods may not be confiscated. The entire tax policy for Budget FY20 is based on the theme to change taxation procedures for sectors involved in institutional tax evasion.