ISLAMABAD - Federal Finance Minister Ishaq Dar on Wednesday said Pakistan is ready to participate in Open Government Partnership (OGP), forum on transparency and good governance.

He said that Pakistan has already signed OECD’s multilateral convention on mutual administrative assistance in tax matters. He made these remarks in a seminar on new Companies Ordinance 2016, organised by Securities and Exchange Commission of Pakistan (SECP).

The minister said that there should be no delay in getting the law (Companies Ordinance 2016) implemented. He said that now the law has been put before the parliament and suggestions, received till now, will also be incorporated in the coming bill. He said, “We are still open to receive any opinion from the stakeholders and SECP should also use different forum to get the input which can further improve the law as such opinions would be value additions and would be welcome.” At the same time, SECP must appoint some focal persons who should always be ready to explain various features of the law for the potential stakeholders, he added.

He said that the country’s economic future is bright. The law is designed to help the corporate sector, which is a driver of the economy. He said, “We must build on the achievements of last three years. He said 60 percent growth in the Federal Board of Revenue (FBR) income is testimony of the county’s potential. It is a high time for the SECP to concentrate its efforts on implementation of the law. Haroon Akhtar, Special Assistant to the Prime Minister on Revenue, said that the SECP’s consultation process was commendable. The law demonstrates its acceptability by all stakeholders as it had not drawn any criticism from any quarters, he added.

Finance Secretary Dr Waqar Masood explained the various stages of framing the new company law. He said that far reaching changes have been made in the new law, introducing full safe guards for all stakeholders. The new law meets the modern day requirements and can be compared quite favourably with any modern legislation. He said unnecessary restrictions have been removed to provide facilities for doing business.

While speaking on the occasion, SECP Chairman Zafarul Haq Hijazi said that the SECP had held all-encompassing consultations with all the stakeholders. Extensive consultation sessions, seminars and meetings were held with stakeholders and professionals in all major cities of the country, he added. He said the recommendations of professionals and stakeholders as well as of general public were given due consideration before finalising the draft. He said the new law meets the challenges of modern times, adding that it provides facilities of doing business, incorporation and listing of companies out, emphasis on protection of investors and enhanced compliance.