Pakistan President Mamnoon Hussain Pakistan President Mamnoon HussainPakistan’s President Mamnoon Hussain has issued four ordinances to implement economic reforms which seek to increase the tax base and help people declare their hidden assets at home and abroad. The ordinances, promulgated on Sunday, include Voluntary Declaration of Domestic Assets Ordinance 2018, Foreign Assets (Declaration and Repatriation) Ordinance 2018, Income Tax (amendment) Ordinance 2018, and Economic Reforms (amendment) Ordinance 2018. The ERP envisaged “one-time” amnesty scheme to whiten the undeclared assets, reduction in income tax rates, issuance of dollar-denominated bonds and barring cash transactions in non- filer accounts. Through the ordinances, the government has increased the threshold for income tax exemption to an annual income of Rs 1.2 million from Rs 400,000. Any income beyond Rs 4.8 million will attract 15 per cent tax rate.

Source: Indian Express April 09, 2018 08:33 UTC