SECP vide SRO 54(I)/2020 (dated January 28, 2020) issued amendments to the Listed Companies (Buy-Back of Shares) Regulations 2019. The amendments have omitted the condition that after purchase of treasury shares by a company, the free float of company does not fall below twenty percent of the total paid up share capital of the purchasing…

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SECP issues draft Companies (Further issue of shares) Regulations, 2020: The Securities & Exchange Commission of Pakistan (SECP) vide SRO 33 (I)/2020 (dated January 15, 2020) issued draft Companies (Further issue of shares) Regulations 2020 for public comments. These regulations, after final notification, would replace the Companies (Further issue of shares) Regulations 2018. The regulations…

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ICAP issues circular on clarifications provided by SECP on the Listed Companies (Code of Corporate Governance) Regulations 2019 The Institute of Chartered Accountants of Pakistan (ICAP) on January 16, 2020 issued a circular on recent clarifications provided by the Securities & Exchange Commission of Pakistan (SECP) on application of the Listed Companies (Code of Corporate…

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The tax authorities have started sending notices to individuals and companies who filed their returns and declaration of assets for tax year 2018 but failed to comply this obligation in the subsequent year. The FBR issued Active Taxpayers List (ATL) on March 01, 2020 for tax year on the basis of return filed up to…

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SECP has finalized and proposed amendments to the Companies Act 2017 with respect to: Provide further ease of doing business by removing the requirements of seal and practical difficulties being faced in implementation of section 17 and 83 of the Act; Facilitating Startups through conducive regulatory environment; Encouraging innovation and supporting new business models; and…

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Pakistan’s first Centralized Repository for Life Insurance Sector launchedKarachi February 24: To complement government’s objectives of providing ease of doing business and enhanced consumer protection, Pakistan’s first ever centralized information repository is established for life insurance sector. The repository that will function under the regulatory impetus of SECP will hold critical data of life insurance…

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SECP vide SRO 48(I)/2020 (dated January 27, 2020) has issued for public comments draft amendment to the Associations with Charitable and Not for Profit Objects Regulations 2018. The draft amendments propose to exempt an independent director from the requirements relating to solvency and financial soundness under the fit and proper criteria applicable on promoters, directors…

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Federal Board of Revenue (FBR) has to collect around Rs2,500 billion during last four months (March – June) 2020 in order to achieve revenue collection target of Rs5,238 billion set for the fiscal year 2019/2020. The FBR provisionally collected Rs2,714 billion during first eight months (July – February) 2019/2020 as compared with Rs2,331 billion collected…

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According to a tax expert, the FBR has issued the new Active Taxpayers List (ATL) displaying names of 2,446,294 taxpayers comprising 2,342,701 individuals, 62,403 Associations of Persons and 40,988 companies as per the FBR data of tax returns. For Tax Year 2018, by the end of February 2019, there were 1.59 million taxpayers on ATL.…

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