ISLAMABAD-Haroon Akhtar Khan, Special Assistant to the Prime Minister for Revenue, on Wednesday visited the Securities and Exchange Commission of Pakistan Limited and discussed tax proposals with the Chairman SECP.

During the meetings, Mr. Khan was briefed on the SECP’s functions and responsibilities and its proactive role towards creation of a fair and efficient corporate sector, capital market and non-bank financial sector. The purpose of the briefing was to highlight policy aspects for the development of non-bank financial sector and capital market. He was also briefed on the efforts being made by the SECP in creating linkage between the commodity futures market and the real economy through development of commodities eco-system and new futures contracts based on various popular commodities, especially agricultural commodities. 

 During the meeting, a comprehensive presentation was given by the SECP officials to Mr. Khan on tax proposals. The tax proposals were presented keeping in view the aspects related to development of the capital market, mutual fund industry, private pension schemes and Shariah-compliant companies.

 Haroon Akhtar Khan appreciated the SECP’s efforts and reforms introduced for the development of non-bank financial sector, commodities and capital markets. He also lauded the SECP’s endeavors aimed at image building of the Pakistani financial and capital markets with particular reference to Pakistan’s ranking on the MSCI. He was of the opinon that the expected reclassification to MSCI Emerging Markets held great importance for Pakistan’s economy and markets and would increase Pakistan’s prospects of attracting foreign investment manifold. 

Khan assured the SECP of his full support with regards to the tax proposals. He said that the country’s upcoming budget would be a growth-oriented budget, covering important aspects of the economy and that the SECP’s suggestions in this regard would be very beneficial.