Our partner Mr. Mazhar Bangash, Head of RIAA Barker Gillette’s Trade Law Department, has been appointed as an arbitrator by the Dispute Settlement Body, World Trade Organization in a trade dispute between the USA and South Korea.
Proposed Amendment to Securities Brokers (Licensing and Operations) Regulations 2016
The SECP has issued a notification for a proposed amendment to Regulation 4 of the Securities Brokers (Licensing and Operations) Regulations, 2016 in exercise of the powers conferred by Section 169 of the Securities Act, 2015.
The FBR has issued a notification for including a new Chapter in the Income Tax Rules, 2002 in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001.
Security and Exchange Commission of Pakistan (SECP) has notified the Insurance Rules, 2017 pursuant to the Insurance Ordinance, 2000 read with the S.R.O. 708(I)/2009, dated 27.07.2009.
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The Companies Ordinance, 2016 (the “2016 Ordinance”) was promulgated on 11 November 2016 and repealed the Companies Ordinance, 1984 (the “1984 Ordinance”), save for the provisions appearing in Sections 282A to 282N of the 1984 Ordinance relating to Non-Banking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.
