Tax Amendment Ordinance: 14-year jail, penalty of ten time of value for currency smuggling

Tax Amendment Ordinance: 14-year jail, penalty of ten time of value for currency smuggling

ISLAMABAD: The government has introduced very harsh penalties for offence of currency smuggling. The government enhanced the jail term to 14 years for currency smuggling above $200,000 besides ten time of value of the currency would be recovered as penalty.

Federal Board of Revenue (FBR) on Wednesday issued ‘Tax Laws (Second Amendment) Ordinance, 2019’ have been promulgated through the presidential order.

The following are the penal action for offences/smuggling introduced through the ordinance by amending Customs Act, 1969:

(a) If the amount of the currency over and above the permissible limit is up to $10,000 or equivalent in value (currency of other denomination) etc.

Such currency shall be liable to confiscation and any person concerned in the offence shall be liable to a penalty not exceeding the value of the excess amount of the currency.

(b) If the amount of the currency over and above the permissible limit is up to $10,001 to $20,000 or equivalent in value (currency of other denomination) etc.

Such currency shall be liable to confiscation and any person concerned in the offence shall be liable to a penalty not exceeding two times the value of the excess amount of the currency.

(c) If the amount of the currency over and above the permissible limit is $20,001 to $50,000 or equivalent in value (currency of other denomination) etc.

Such currency shall be liable to confiscation and any person concerned in the offence shall be liable to a penalty not exceeding three times the value of the currency; and upon conviction by a Special Judge he shall further be liable to imprisonment for a term not exceeding two years.

(d) If the amount of the currency over and above the permissible limit is $50,001 to $100,000 or equivalent in value (currency of other denomination) etc.

Such currency shall be liable to confiscation and any person concerned in the offence shall be liable to a penalty not exceeding four times the value of the currency; and upon conviction by a Special Judge he shall further be liable to imprisonment for a term not exceeding seven years.

(e) If the amount of the currency over and above the permissible limit is $100,001 to $200,000 or equivalent in value (currency of other denomination) etc.

Such currency shall be liable to confiscation and any person concerned in the offence shall be liable to a penalty not exceeding five times the value of the currency; and upon conviction by a Special Judge he shall further be liable to imprisonment for a term not exceeding ten years. Provided further that the sentence of the imprisonment shall not be less than three years.

(f) If the amount of the currency over and above the permissible limit exceeds $200,000 or equivalent in value (currency of other denomination) etc.

Such currency shall be liable to confiscation and any person concerned in the offence shall be liable to a penalty not exceeding ten times the value of the currency; and upon conviction by a Special Judge he shall further be liable to imprisonment for a term not exceeding fourteen years. Provided further that the sentence of the imprisonment shall not be less than five years.

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