The Federal Board of Revenue (FBR) has started reviewing the budget proposals of the Securities and Exchange Commission of Pakistan (SECP) to facilitate the corporate sector in the upcoming budget (2011-2012). Sources told Business Recorder that the SECP presented its budget proposals for fiscal 2011-2012 to the FBR here on Monday to encourage listing of new companies in the country.
In this connection, a team of SECP officials visited the FBR headquarter to meet the tax managers engaged in the budget preparation exercise for 2011-2012. It has been reliably learnt that the SECP officials had given a detailed briefing to the FBR officials on the proposals to encourage registration of the companies and facilitative measures for different sectors. The senior FBR officials heard the viewpoint of the SECP officials on different budget proposals. The SECP has floated proposals linked to those sectors regulated by the Commission. Primarily, the SECP has recommended some new provisions for development of mutual funds. In order to give leverage to corporate sector in the stock market, some incentives have been suggested in next budget. The tax proposals focused on encouraging listing of companies on the stock exchanges in Pakistan and development of the mutual funds industry.
Through budget proposals, the SECP also proposed new incentives to encourage listing of new companies and sector-specific concessions to mutual funds, non-banking financial companies and corporate sector. Sources said that the FBR is examining the budget proposals of the SECP and incorporate the viable suggestions pertaining to corporate sector in the next budget.
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