SECP proposes amends to Companies (Registration Offices) Regulations

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has proposed necessary amendments to the Companies (Registration Offices) Regulations, 2003. The draft notification has been published in the official gazette to obtain comments within 14 days from the date of its issue. The said notification has also been placed on the SECP’s website and is available at https://www.secp.gov.pk/laws/notifications/. The existing regulations, which regulate the internal working of the Company Registration Offices (CROs), were notified in September 2003, and necessary modifications were made from time to time. In order to ensure that the existing regulations sufficiently meet the present-day requirements, the SECP reviewed the same holistically before proposing the said amendments. The SECP recently set up its ninth CRO in Gilgit-Baltistan (GB). It has also established its facilitation centers in Sialkot and Abbottabad while a facilitation center in Gwadar shall start working soon.

Therefore, an enabling provision for the establishment of CRO and facilitation centers is proposed to be made part of the regulations. An amendment regarding preservation and destruction of companies’ records is also being proposed, whereby the registrar shall preserve the records of existing companies for ten years and those of the dissolved ones for five years.

 

 

 

Cantt Board CEO vows to resolve Rawalpindi traders’ issues

RAWALPINDI (Staff Reporter): A delegation led by Rawalpindi Chamber of Commerce and Industry (RCCI) president Raja Amer Iqbal held a meeting with Cantonment Board Chief Executive Officer Dr Saima Shah here on Monday.  Key issues of traders and businessmen including parking, traffic congestion, violation of building laws, property tax, board tax and sealing of business centers were discussed. The delegation members were RCCI Senior Vice President Rashid Waien, Vice President Asim Malik, former president Asad Mashadi, Anjaman Tajran Cantt representative Zahid Bakhtawari and others. CEO Cantt Board Saima Shah assured full support and cooperation to resolve the problems being faced by business community in the area. She said that government preference is to boost trade activities in the city. She said that no trader or businessmen will be harassed on the account of tax collection. “I will be monitoring all cases in person,” Saima added.

 RCCI President Raja Amer said that single lane parking should be allowed near Al Amin Plaza Chowk Sadar as it is causing severe problem for the commuters. He urged administration not to approve building map without having a parking facility. Pending cases of tax collection, fines and board tax should be resolved amicably and chamber must be involved, he added.

 

 

 

Second tax increase on tobacco products from December

LAHORE(Staff Reporter): The second tax increase on tobacco products will start implementing from December 2016. The federal government has announced a biannual tax increase. The first tax increase applied in June 2016 financial year was Rs1,534 per 1000 sticks, whereas, the second tax increase will be in December 2016 to Rs1,649 per 1000 sticks. “The smaller tax increase by the government is a good measure to curb thriving business of illicit cigarettes in the country. However, a holistic approach required to reduce its fast growing trend such as; enforcements of already existing tobacco laws and regulations when applied resultant in controlling the rapidly growing illicit cigarette market”, said a tax expert while talking to The Nation. Moderate tax increases, coupled with strict enforcement of existing laws, as well as low-cost and efficient solutions such as local tax stamps will serve to contain the problem of local tax evasion and smuggling of cigarettes in the country.

Bi-annual tax increases, such as the one to be imposed from December 1st, will also bring more stability and predictability to the market.

“Another remarkable measure is the introduction of tax stamps. Local tax stamp is cheaper and easily available than any foreign tax stamp that will acquire a higher cost and also the loss of government revenues”, the expert added.

 

 

 

 

SBP releases APR, financial statements for FY16

KARACHI (APP): The State Bank of Pakistan (SBP) on Monday issued the Annual Performance Review on the working of the bank and its subsidiaries along with the audited financial statements for the year ended June 30, 2016. A statement said that the Annual Performance Review and Financial Statements were approved by the State Bank of Pakistan Board in its meeting held on October 29. It said that the performance review and the financial statements have been issued in pursuant to Section 40(2) of State Bank of Pakistan Act 1956, which requires the bank to release the report to the public and transmit the same to the federal government within four months of the close of the fiscal year. The Annual Performance Review and the Financial Statements for FY16 can be accessed at http://www.sbp.org.pk/reports/annual/arFY16/Vol1/anul-index-eng.htm.