SECP for revamping tax structure, incorporation and access to finance

ISLAMABAD: The entire business and financial landscape of the country can be improved by revamping the taxation structure, increasing the business incorporation, expanding the access to finance and by strictly implementing the Code of Corporate Governance (CCG), said Mr. Imtiaz Haider, the SECP Commissioner for Securities Market Division. He was addressing the concluding session of the directors training program of the Institute of Chartered Accountants of Pakistan (ICAP) here on Tuesday. He appreciated the ICAP for playing a very important role in both conducting the programme and ensuring compliance with the Code of Corporate Governance through the audit work of its members. The SECP has been striving to achieve a corporate environment where every business is either registered or a corporate entity, said Mr. Haider. In order to achieve the target of a completely corporatized economy there is a dire need to improve and strengthen the taxation structure, company law and effectiveness of regulatory bodies, he added. Mr. Haider pointed out that traditionally the fiscal measures introduced by the government have favoured sole proprietorships and partnership concerns by offering them lower tax rates and not requiring them to have any audit or regulatory oversight. Whereas, the corporate have been bound...

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