Amendment in Income Tax Ordinance checks off another FATF's condition
The amendment has been made to prevent money laundering and terror financing.
ISLAMABAD (Dunya News) – Another condition of the Financial Action Task Force (FATF) has been fulfilled with an amendment in the Section 216 of the Income Tax Ordinance which gives access to the data of taxpayers to State Bank Financial Intelligence Unit.
The Financial Intelligence Unit will be able to examine the tax records of individual, commercial and industrial taxpayers. The amendment has been made to prevent money laundering and terror financing.
Tax evasion through under-invoicing will be investigated under the Money Laundering and Terrorism Financing Act. After the amendment in the Income Tax Ordinance, there will be action against those involved in money laundering.
