Amendments in Finance Act 2018 Circular no. 3 of 2018 issued on 12th September 2018: The government has issued Finance Act, 2018 through circular No.3 of 2018 with certain amendments in the Income Tax Ordinance, 2001. Pakistan’s Finance Minister Mr. Asad Umar presented amendments in the parliament for the federal budget 2018-19. As the Finance Minister presents amendments for federal budget 2018-19. Some significant amendments in Finance Act 2018 are explained here under:- Reduction in tax rates for individuals Paragraph (1), Division I, Part I of the First Schedule Prior to the Finance Act, 2018 the minimum threshold for taxable income was Rs.400,000/- for individuals and tax rates for non-salaried and salaried individuals were separately provided in paragraph(s) (1) and (1A) respectively in Division I, Part-I of the First Schedule. Through the Finance Act, 2018, tax rates of both salaried as well as non-salaried individuals have been clu...