Analysis

Comments on Assets Declaration Ordinance, 2019

The objective for promulgation of the Ordinance is to give effect to the tax amnesty scheme to allow inclusion of non-documented economy in taxation system and to promote economic revival and growth by encouraging tax compliance.

This scheme is unique from previous schemes as it also provides for the declaration of Benami assets. This has been made possible only after the promulgation of Benami Transactions (Prohibition) Act, 2017 which provides for confiscation of Benami assets and imprisonment of the holder alongwith fines.

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