On 8 April 2018, President Mamnoon Hussain promulgated the following ordinances to effect a one-time amnesty scheme to “whiten” undeclared assets in Pakistan and abroad, reduction in income tax rates, issuance of dollar-denominated bonds and restricting cash transactions in non-filer accounts:
(i) Voluntary Declaration of Domestic Assets Ordinance, 2018
(ii) Foreign Assets (Declaration and Repatriation) Ordinance, 2018
(iii) Income Tax (Amendment) Ordinance, 2018
(iv) Protection of Economic Reforms (Amendment) Ordinance, 2018
The above ordinances will collectively be referred to as the ‘2018 Ordinances’ hereinafter.
This Article sets out the scope and salient features of the 2018 Ordinances. Please access the link below to download the Article:
The information mentioned in this article is current at the date of publication of this article and available from public sources. Nothing in this article constitutes legal advice and should not be construed as any form of advice.