The Securities and Exchange Commission of Pakistan (SECP) Thursday announced general exemption for a period of two years to all small size companies (SSCs) including Agriculture Promotion Companies from the requirement of seeking National Tax Numbers (NTNs) from the Federal Board of Revenue (FBR).
According to circular number 15 of 2017 issued here on Thursday, Companies Act, 2017 ("the Act") has been promulgated on 30th May, 2017. The provisions of section 153 (h) of the Act provides that a person shall not be eligible for appointment as a director of a company, if he does not hold National Tax Number as per the provisions of Income Tax Ordinance, 2001.
It has been observed that the promotors desirous of forming Small Size Companies (SSCs) find difficulties as National Tax Number may not be available at the time of formation of company. Keeping in view of the above and in order to promote corporatisation, the Commission has decided to grant a general exemption for a period of two years to all small size companies as defined under the Third Schedule attached to the Act including Agriculture Promotion Companies formed in terms of Section 457 of the Act from the requirement of NTN as applicable in terms of Section 153 (h) of the Act, the SECP added.
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