ISLAMABAD - SECP Chairman Muhammad Ali has emphasised on the need for a broad-based tax system, which requires focused efforts towards documentation of economy.

Briefing the National Assembly’s Standing Committee on Finance, Revenue and Planning and Development, the SECP Chairman stressed the importance of developing different segments of the non-banking financial markets for efficient transmission of savings and investments. Fauzia Wahab, Chairperson of the committee chaired the meeting.

It was an interactive session during which the members provided suggestions and sought clarification on various issues. In his detailed presentation, Muhammad Ali outlined the SECP’s role, objectives and responsibilities. He also briefed the committee on major issues faced by the capital markets as well as the corporate, NBFC and insurance sectors.

Muhammad Ali also discussed future roadmap and strategy of the SECP, especially with regard to legal, fiscal and regulatory reforms.

He highlighted the importance of a robust legal and regulatory framework for the development of the financial markets as it provides the necessary structure for product innovation, market integrity and enables the regulator to maintain investor confidence. He also requested the honourable members for support in finalising pending legislation.

During the meeting it was decided to present comprehensive tax proposals after thorough consultations with stakeholders. In this respect the SECP would submit its tax proposals to the standing committee for consideration at the time of the preparation of the finance bill.