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IR proposes compulsory NTN showing at airports

IR proposes compulsory NTN showing at airports

KARACHI: The office of Inland Revenue has proposed a compulsory requirement of National Tax Number for every person taking with him foreign currency from Pakistan to prove that the money is legitimate, official sources in Federal Board of Revenue said.

It is also proposed to depute officers of Inland Revenue at all the airports to check NTN and other record of persons intending to take away the money, sources added.

Earlier Pakistan Customs had recommended reducing the approved amount for an individual to $3000 and that children should not be allowed to carry the amount at the time of departure from Pakistani airports.

Presently under the Protection of Economic Reforms Act, 1992 and State Bank rules every person leaving Pakistan can carry up to $10,000 without declaring the money is white or black.

The sources said that the purpose of the suggestions was to discourage the black economy and promote documentation. They also said that it would help as deterrence in the way of rapid outflow of foreign currency and massive recovery in Pakistani Rupee value.

The RTO suggested to the FBR to amend the Foreign Exchange Act, 1947 and Protection of Economic Reform Act, 1992 to check the outflow and bring them in conformity with Anti-Money Laundering Act 2010.