Legislation and Regulations

ISLAMABAD: The Senate Friday unanimously adopted a motion empowering Senate Chairman Mian Raza Rabbani to nominate six senators as members of the Public Accounts Committee (PAC) hitherto consisting of only the National Assembly members. Rabbani will name the members through consultation with Leader of Opposition and Leader of the House in the Senate. The landmark […]

KARACHI: Finance Minister Ishaq Dar said on Thursday a major portion of the legislation by the government belonged to the capital market. Addressing corporate leaders gathered at the Pakistan Stock Exchange (PSX) for an awards ceremony, Mr Dar said a `very important` Companies Law was in the pipeline. This law has been revised after 1984 […]

Naveed Zafar Ashfaq Jaffery & Co Chartered Accountants Prologue: -Government of Pakistan made certain amendments vide Tax Laws (Amendment) Ordinance, 2016 (“Ordinance”) issued on 31st August, 2016, with immediate effect except where identified in the forthcoming paragraphs. -This Ordinance has been issued without the approval of Senate and National Assembly with a statement that the […]

ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) is organising a national level seminar on the draft Companies Bill, 2016, on Monday (September 5). Finance Minister Ishaq Dar would chair the event. Chairman SECP Zafar Hijazi, Saeed Ahmed, deputy governor, State Bank of Pakistan, Hafiz Muhammad Yousuf, ICAP president, Masood Naqvi, a well-known […]

ISLAMABAD – Finance Minister Ishaq Dar on Monday said that Pakistan now had a fully functional Anti Money Laundering (AML)/Combating Financing Terrorism (CFT) regime which was equipped with legal and operational capabilities to meet international obligations. The finance minister made these remarks while chairing the 9th meeting of the National Executive Committee (NEC) on Anti […]

The “Limited Liability Partnership Bill, 2016” has been taken up by the National Assembly Standing Committee on Finance. It was presented in the assembly in the first week of this month.The Limited Liability Partnership (LLP) is the mode of establishing small scale partnerships under a new form of business structure. The new structure will remove […]

Limited Liability Partnership Act, 2016 has been introduced in the National Assembly to make provisions for the incorporation, regulation and winding up of Limited Liability Partnerships (LLP). LLP is a form of organization that is neither a ‘company’ as defined under the Companies Ordinance, 1984 nor a Partnership under the Partnership Act, 1932. It contains […]

KARACHI: The State Bank of Pakistan (SBP) has revised the prudential regulations to promote consumer financing in sustainable and fair manner while ensuring financial stability of the banks/DFIs. A statement on Wednesday said that the revised regulations provide more discretion in decision making to banks/DFIs in line with their dynamic business environment. The central bank […]