Lahore, Mar. 12 (ANI): Securities and Exchange Commission of Pakistan (SECP), Chairman Mohammad Ali, has underlined the need for encouraging companies to get registered, while proposing rationalising the tax regime, as the current policy favours non-corporate entities that pay substantially less income tax than the corporate.
The SECP chairman said sole proprietors of firms and partnership ventures were taxed at 25 percent and were exempted from audit, but listed companies paid 35 percent income tax and were subject to stringent audits by regulators. In developed economies, it is the other way round, the Express Tribune reports.
Ali said, Pakistan lags far behind in corporate sector development. Stating that only 61,000 companies are registered against three million businesses, as per the State Bank of Pakistan's statistics. Only 2 percent of businesses are corporatised in Pakistan.
The SECP Chairman said that all listed companies were required to maintain functional websites for facilitating shareholders, but now all private companies with a paid-up capital higher than Rs 200 million would have to maintain a website to provide some information to small shareholders.
In a recent statement, Pakistan Finance Minister Saleem Mandviwalla said that only 0.9 million people in the country pay taxes. (ANI)
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