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Tag: SECP

  • FBR issues procedure for obtaining NTN, company registration

    FBR issues procedure for obtaining NTN, company registration

    ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for getting National Tax Number (NTN) and registration with Securities and Exchange Commission of Pakistan (SECP) through Virtual One Stop Shop (VOSS).

    The FBR and SECP have launched a one-window facility for Company incorporation and National Text Number (NTN) registration.

    This facility enables companies to be registered with SECP and FBR in one go without having to visit FBR offices or its website.

    For the convenience of all stakeholders, the process to be followed is outlined as under:

    Step 1- Taxpayer will visit the SECP website (https://www.secp.gov.pk) and complete the company incorporation application as before;

    Step 2- As soon as company is incorporated, data of the company and its directors will be forwarded to FBR through an automated web service;

    Step 3- FBR system will run an auto-process to verify if all the directors registered taxpayers of FBR. If all the directors are already registered taxpayers, then process will jump to Step 6;

    Step 4- If any Director(s) are not registered with FBR, system will automatically register each unregistered director on the basis of data provided by SECP;

    Step 5- System will send confirmation email and SMS to each director on successful registration;

    Step 6- System will automatically create FBR registration application on behalf of company, process the application and register the company within FBR;

    Step 7- System will send confirmation email and SMS to company representative on successful registration;

    Step 8- FBR will intimate SECP about registration of Taxpayers within FBR.

    The FBR said that the process from Step-3 to Step-8 is totally system-based without any human involvement which will save time and effort of the taxpayer and improve the efficiency of the system.

  • Bank Alfalah, Ghandhara Industries sign MoU

    Bank Alfalah, Ghandhara Industries sign MoU

    In a strategic move aimed at enhancing their market presence, Bank Alfalah Islamic and Ghandhara Industries Limited (GIL) have entered into a Memorandum of Understanding (MoU) to jointly promote the Isuzu D-Max Pickup variants through tailored auto finance solutions.

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  • SECP holds awareness session for NPOs on AML/CFT

    SECP holds awareness session for NPOs on AML/CFT

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has conducted an awareness session on Anti-Money Laundering (AML)/Counter-Terrorism Financing (CFT) in collaboration with of Institute of Chartered Accountants of Pakistan (ICAP), a statement said on Friday.

    The SECP said that the awareness session was conducted AML/CFT obligations of non-profit organizations (NPOs) licensed under section 42 of the Companies Act, 2017, for Lahore-based registered intermediaries.

    Around 100 participants from the NPO sector, registered intermediaries and ICAP members were in attendance.

    An SECP official made a detailed presentation on the AML/CFT regulatory requirements as well as the mechanism for implementation of United Nations Sanctions Regime under resolutions 1267 and 1373 for designation of terrorist organizations and individuals.

    The session focused on the relevant recommendations of the Financial Action Task Force as well as findings of the National Terrorism Financing Risk Assessment, including directions, channels and sources of terror finance, risk assessment of NPOs, and various policy, legislative and administrative measures for terror financing risk mitigation.

    It also helped participants in improving the understanding of suspicious transaction reporting requirements under the AML/CFT framework.

    The session also discussed the regulatory measures contained in the regulations for NPOs and intermediaries to prevent money laundering and terror financing abuses, supplemented by the best practices and recommendations contained in the AML/CFT guidelines for NPOs issued by it.

    The official emphasized the fact that regulatory action against non-compliant NPOs is a regular feature of the SECP’s enforcement strategy, which will continue in the future.

  • Informal donations prone to money laundering: SECP

    Informal donations prone to money laundering: SECP

    KARACHI: Pakistan has been rated amongst most charitable nations in the world but most donations are routed informally which makes the whole exercise prone for terror financing and money laundering, Waseem Ahmad Khan, Additional Director, Securities and Exchange Commission of Pakistan (SECP) said on Wednesday.

    He was addressing at a seminar organized by Karachi Tax Bar Association (KTBA) at auditorium of Regional Tax Office (RTO) Karachi.

    He said that SECP and State Bank of Pakistan (SBP) had taken initiatives to fix the issues on Anti Money Laundering (AML)/Countering Financing Terrorism (CFT) pointed out by Financial Action Task Force (FATF).

    He informed the participants that FATF is a 37-member global body established in 1989 with mandate to combat money laundering, terror finance and nuclear non-proliferation. Besides it has also associates observers.

    Pakistan as a member has international obligations to comply with FATF recommendations and correspondingly it had promulgated relevant laws including Anti-Terrorist Act, 1997, Anti-Money Laundering Act, 2010, National Counter Terrorism Act, 2013 etc. and had also devised national action plan.

    Waseem Ahmad said that the SECP was undertaking enhanced due diligence on the basis of territorial / geo-political basis, sectoral lines and channel of donations.

    In order to realize the full impact of spirit of generosity of Pakistan horizontally, he suggested risk management should be set up by every non-profit organization (NPO).

    Khalid Mahmood, President, KTBA, in his welcome address thanked the speaker and audience who attended the seminar in a big number. The even was moderated by KTBA vice president Zeeshan Merchant.

  • Company registration crosses over 95,500 by February

    Company registration crosses over 95,500 by February

    ISLAMABAD: Total company registration with Securities and Exchange Commission of Pakistan (SECP) has crossed 96,500 by end of February 2019.

    A statement issued by the SECP said that about 1,290 new companies were registered in February. As compared to the corresponding month of last financial year, it represents a growth of 26 percent raising the number of registered companies to 96,510.

    The massive increase is the result of the SECP’s various reforms measures, i.e. introduction of simplified combined process for name reservation and incorporation, one window facility for company incorporation and NTN generation, reduction of fee, assistance of incorporation by facilitation wings of CROs etc.

    Around 75 percent companies were registered as private limited companies, while around 22 percent were registered as single member companies. Three percent were registered as public unlisted companies and limited liability partnerships (LLP).

    The trading sector took the lead with the incorporation of 195 companies, construction with 166, services with 148, I.T. with 139, tourism with 119, food and beverages with 60, real estate development with 50, corporate agricultural farming with 45, education with 32, chemical, marketing and advertisement, and transport with 27 each, engineering, and fuel and energy with 24 each, pharmaceutical with 23, textile with 21, healthcare, and mining and quarrying with 20 each, communication with 15, auto and allied with 14, broadcasting and telecasting 13, logging 12, cables and electric goods with 11 and 58 companies were registered in other sectors.

    Foreign investment has been reported in 39 new companies. These companies have foreign investors from Argentina, China, Denmark, Germany, Jordan, Kenya, Korea South, Portugal, Russia, Singapore, Sweden and the US.

    The highest numbers of companies, i.e. 468 were registered in Islamabad, followed by 322 and 240 companies registered in Lahore and Karachi respectively.

    The CROs in Peshawar, Multan, Gilgit-Baltistan, Faisalabad, Quetta, and Sukkur registered, 81, 67, 45, 39, 24 and 4 companies respectively.

  • Registration of companies crosses 95,000: SECP

    Registration of companies crosses 95,000: SECP

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has said that total registration of corporate registration has crossed over 95,000 units following 1,317 new registrations in January 2019.

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  • SECP asked to review CSR guidelines to align with SDGs

    SECP asked to review CSR guidelines to align with SDGs

    Ms. Zubaida Jalal, the Federal Minister for Defence Production, has called on the Securities and Exchange Commission of Pakistan (SECP) to review its guidelines pertaining to Corporate Social Responsibility (CSR) for the business sector, aligning them with the United Nations’ Sustainable Development Goals (SDGs) for 2030.

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  • Abolishing advance tax on share sale, purchase on the cards

    Abolishing advance tax on share sale, purchase on the cards

    KARACHI: The government is reportedly considering the abolition of the advance tax on the sale and purchase of shares in the capital market, a move prompted by the Pakistan Stock Exchange (PSX) and Pakistan Stockbrokers Association’s demands.

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