These measures were perceived as counterproductive for growth of insurance industry.
The industry association raised the issue with the SECP Policy Board and submitted a proposal to exempt life and health insurance from sales tax.
The SECP took up the matter with the provincial governments and subsequently the Sindh Revenue Board issued notification to exempt life and health insurance from sales tax until June 30, 2018.
Efforts are underway to obtain exemption on a permanent basis, the SECP added.
To further facilitate company registration, the SECP plans to establish business centres in Karachi, Lahore and Islamabad, exclusively for company registration services.
Introduction of digital certificate of incorporation, extension of one-window facility for company registration to other provinces, and integration with the FBR for sales tax registration is also on the SECP agenda.