ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has given a 90 days period to the non-profit organisations (NPOs) to inform the Federal Board of Revenue (FBR) about the transfer of their assets to any other NPOs after dissolution.

Through an SRO issued on Saturday, the SECP declared that the company shall, in the event of its dissolution, after meeting all liabilities, transfer all its assets to another company licensed under section 42 of the Companies Act, which is an approved non-profit organisation, and intimation of such transfer will be given to FBR’s Commissioner Inland Revenue within 90 days of the dissolution.

In this regard, the SECP has amended the (Supplementary provision relating to Tax) mentioned in the First Schedule of the Companies Act, 2017.

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According to the S.R.O.239 (I)/ 2024, in exercise of the powers conferred by section 507 of the Companies Act, 2017, the Securities and Exchange Commission of Pakistan is pleased to make the following alterations to the First Schedule to the said Act, namely: - In the aforesaid Schedule, in Table F, in the section, Article of Association, in Clause 65, (Supplementary provision relating to Tax), for sub-clause (ii), the following shall be substituted, namely:- “(ii) The company shall, in the event of its dissolution, after meeting all liabilities, transfer all its assets to another company licensed under section 42, preferably having similar or identical objects to those of the company, which is an approved non-profit organization, and intimation of such transfer will be given to Commissioner, Federal Board of Revenue, within ninety days of the dissolution.”

Copyright Business Recorder, 2024