ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has reportedly issued 42,000 notices to different companies in just 10 days since the promulgation of the Companies Ordinance, 2016.
Special Assistant to the Prime Minister on Revenue Haroon Akhtar, while addressing the participants of a seminar on the new ordinance, said that the SECP had become an independent institution, and added that he himself had been issued a notice.
However, he asked the SECP authorities whether the ordinance would also apply to foreign offshore companies making investment in Pakistan.
Speaking on the occasion, Finance Minister Ishaq Dar said that Pakistan’s economic future was bright. “The companies’ law is designed to help the corporate sector, which is a driver of Pakistan’s economy.”
He further said the law had now been put before parliament and suggestions received there would also be incorporated in the coming bill. “We are still open to suggestions/opinion from the stakeholders and the SECP should also use different forums to get input that can further improve the law,” he added.
He said that the SECP must appoint some focal persons who “are always ready to explain various features of the Companies Ordinance, 2016” to the potential stakeholders, as Haroon Akhtar had raised a valid point.
He said that Pakistan had great potential, and added that seven percent growth in the economy was achievable. “The 60 percent growth in the FBR’s income is testimony to the county’s potential.” He said that now the SECP must focus on implementation of the law. The finance minister said that Pakistan had already signed the Organisation for Economic Co-operation and Development’s (OECD) multilateral convention on mutual administrative assistance in tax matters, and Pakistan was ready to participate in the Open Government Partnership (OGP).