ISLAMABAD: Public Procurement Regulatory Authority (PPRA) has issued regulations with regard to sharing of information of beneficial owners for all companies, official sources told Business Recorder.
PPRA Board has approved the following two regulations: (i) manner of advertisement Regulations, 2022 (S.R.O. No. 591/2022 May 10, 2022); and (ii) declaration of beneficial owners’ information of public procurement contract awarded regulations, 2022 (S.R.O. No. 592(1)/2022 May 10, 2022).
According to PPRA, the regulations on Manner of Advertisement require that all procuring agencies shall publish their bidding documents, as prescribed in Rule-23 of the Public Procurement Rules, 2004, on Procuring Agency’s website or PPRA’s website. The bidders shall be at liberty to download the bidding documents from Procuring Agency’s website or PPRA’s website and submit the bids on the said bidding documents.
The “Declaration of Beneficial Owners, Information of public procurement Contract Awarded Regulations, 2022” require that all procuring agencies while engaging in public procurement contracts worth Rs. 50 million and above shall make a mandatory provision of beneficial ownership information of the company in the said contracts as prescribed in Performa in accordance with the regulations.
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The procuring agencies while entering into such contracts shall publicize the beneficial ownership information of the company on PPRA’s website. The procuring agency shall forward all such contracts containing the beneficial ownership information to the Authority for placing it on PPRA’s website.
The “Declaration of Beneficial Owners’ Information of Public Procurement Contract” is for information and compliance. These regulations are also available on PPRA website.
PPRA has requested all the Ministries that this information may be circulated to all the public sector agencies under the administrative control of their Divisions.
Copyright Business Recorder, 2022
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