Corporate tax, companies & social security registrations: SECP proposes single web-portal under virtual OSS

The Securities and Exchange Commission of Pakistan (SECP) has proposed a single web-portal under virtual One-Stop Shop (OSS) for registration of corporate tax, companies and social security registration functions with the SECP in an integrated manner.
Sources told Business Recorder here on Monday that the idea of establishing OSS is being explored, providing facilities starting from registration of a company to formally setting up its business under one roof. The concept paper has been shared with the Ministry of Finance and the World Bank. It has been planned to integrate business, tax and social security registrations in the first phase, along with other stakeholders to be considered in the next phase. To strike out the modalities for the said project and implement the idea, a working committee comprising representatives of the SECP, FBR, and Employees Old-Age Benefit Institution (EOBI) has been formed to work under the supervision of the Economic Reforms Unit (ERU), Ministry of Finance. The World Bank has agreed to provide technical and financial support after a preliminary study of the concept paper.
The SECP developed a concept paper as well as a contextual model containing preliminary technical and financial feasibility of the project, which was endorsed by the OSS project team. In the first phase, a virtual one-stop shop, for integrating the corporate, tax and social security registration functions through a single web-portal, would be established. In future, the scope of service under OSS platform is planned to be expanded to include utilities/public service providers and provincial government authorities. It is also envisaged to establish a network of physical OSSs with representation of all relevant federal and provincial regulatory authorities, in major cities and federal/provincial capitals, as well as to take non-corporate entities in the fold of OSS in active collaboration with the relevant authorities.