The Govt of Pakistan has fulfilled another stipulation of FATF
Islamabad: The government of Pakistan has fulfilled another stipulation of FATF under which it has decided to document the gold jewelry and jewelry transaction.
Another target of the FATF has been met to prevent the transfer of gold and jewelery to terrorists. Jewelry details of gold jewelry were sought from jewelers.
In the first phase, the Islamabad office of the Federal Board of Revenue has issued notices to the federal capital’s jewelers, unregistered jewelers have been directed to register sales tax, the jewelers will have to respond to the notices within seven days.
Jewelers are required to provide complete business details, their ID card numbers, business partners and contact numbers to the FBR.
Jewelers have also been asked to provide details of all their bank accounts, business branches and passports. Failure to respond to the notices can result in action and heavy penalties under the Sales Tax Act.