Wheeling of electricity: Nepra approves regulations
National Electric Power Regulatory Authority (Nepra) has approved regulations for wheeling of electricity aimed at improving and opening up power sector and promote competition.
Excessive tax deducted from non-filers: law may be amended to allow adjustment
To practically facilitate the non-filers and encourage documentation, Section 169 of the Income Tax Ordinance, 2001 has been proposed to be amended through Finance Bill 2016 to allow adjustment of excessive tax deducted from non-filers.
Proposed Benami Act Provisions not apply to deals made in names of spouses, kin: FBR
The provisions of the proposed Benami Transaction (Prohibition) Act, 2016 will not apply to any transaction entered into by an individual in the name of his spouse, brother or sister, or any lineal ascendant or descendant.
The Insurance Rules 2017 – Comparison with Insurance Rules 2002 and the Securities and Exchange Commission (Insurance) Rules 2002
The Insurance Rules, 2017 (“2017 Rules”) were promulgated by the Securities and Exchange Commission of Pakistan on 9 February 2017, which repealed the Insurance Rules, 2002 (“2002 Rules”) and the Securities and Exchange Commission (Insurance) Rules, 2002 (“SEC Rules”).
Increasing tax revenues has proven to be a significant challenge for recent Pakistani governments. The stagnation of the tax to GDP ratio to around 10 percent has widely been attributed to a host of inter-connected factors including weak enforcement, fragmented revenue administrations, low compliance by taxpayers, generous and distortionary exemptions and concessions to entire sectors of the economy and narrow tax bases.
Memorandum on Companies Ordinance, 2016 – Salient Changes
The Companies Ordinance, 2016 (the “2016 Ordinance”) was promulgated on 11 November 2016 and repealed the Companies Ordinance, 1984 (the “1984 Ordinance”), save for the provisions appearing in Sections 282A to 282N of the 1984 Ordinance relating to Non-Banking Finance Companies. This memorandum outlines the material changes brought about by the 2016 Ordinance.
