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LAHORE: The Lahore Chamber of Commerce and Industry Thursday organized an awareness session on “Major Corporate Compliance Requirements & Companies Regularization Scheme 2024” in collaboration with Securities and Exchange Commission of Pakistan (SECP) at LCCI.

LCCI President Kashif Anwar presided over the seminar while Registrar/Incharge Company Registration Office, SECP Lahore Shahbaz Sarwar, Additional Joint Registrar SECP Ali Wahid Khan and Convener Standing Committee on Legal Education Haseeb Ullah Khan spoke on the occasion and shed light on the aims and objectives of the Scheme.

In his opening remarks, LCCI President Kashif Anwar said that this session was designed to provide comprehensive insights into the evolving landscape of corporate compliance, ensuring that our businesses not only adhere to legal requirements but also adopt the best practices that foster transparency, accountability, and growth.

Kashif Anwar, the President of the Lahore Chamber of Commerce, expressed his concerns over the newly introduced laws in the federal budget, stating that the tax policies primarily target those who are already within the tax net, whether they are salaried individuals, manufacturers or retailers. He emphasized the need to not only increase revenue but also to reduce expenditures.

LCCI President stressed that SECP should create ease for corporate sector by providing facilitation and reduction of cost of doing business.

On the occasion, Shahbaz Sarwar, Registrar/Incharge Company Registration Office, SECP Lahore highlighted the features and benefits of Companies Regularization Scheme (CRS) 2024.

He said that the Securities and Exchange Commission of Pakistan (SECP) has re-launched the CRS to provide an opportunity for defaulter companies to file their overdue statutory returns from June 15, 2024, to September 15, 2024.

Ali Wahid Khan, Additional Joint Registrar gave a detailed presentation on CRS 2024 and said that this scheme is applicable to non-listed public companies, private companies, Single-Member Companies (SMCs), trade organizations, non-profit associations, companies limited by guarantee, and foreign companies.

He further said that this covers documents filed after their due date for defaults committed up to October 28, 2023, excluding returns related to mortgages and charges. During the operative period, companies must file documents physically at the concerned Company Registration Office (CRO).

He said that the CRS offers significant benefits, including the ability to file overdue annual returns, statutory forms, and accounts by paying a one-time filing fee without any additional fees or penalties. This initiative represents a one-time opportunity for companies to regularize and update their corporate records without incurring penalties for delayed filings.

Convener Standing Committee on Legal Education Haseeb Ullah Khan emphasized the corporate sector and members of LCCI to avail this opportunity and make overdue compliance.

Copyright Business Recorder, 2024

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