Corporate sector, investors: budget proposals to address four major issues

The budget proposals of Securities and Exchange Commission of Pakistan (SECP) would address four major issues of the corporate sector and investors in 2018-19. Sources said that the SECP proposals for Finance Bill 2018-19 would encourage documentation of economy, remove irritants and provide a level-playing field for different sectors, promote capital formation and long-term savings culture, and incentivize Shariah compliant business.
It is learnt that the SECP has informed Special Assistant to Prime Minister on Revenue/ Minister of State, Haroon Akhtar about the tax proposals. According to the SECP, every year the Securities and Exchange Commission of Pakistan (SECP) forwards its recommendations to the FBR, that are considered appropriate to foster development of corporate sector and capital markets, promotion of long-term savings culture and removal of fiscal irritants, through the Finance Bill.
The SECP proposals for Finance Bill 2018-19 have been made after obtaining input from all the relevant stakeholders. Only those proposals that are considered vital for the achievement for the above-stated objectives have been recommended. The proposals primarily aim to address the following areas:
Firstly, accelerate documentation of economy by reduction in corporate tax rates. Secondly, remove irritants and provide a level-playing field for different sectors under SECP''s regulatory ambit. Thirdly, promote capital formation and long-term savings culture. Fourthly, incentivise Shariah-compliant business.