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Proposed Amendment to Securities Brokers (Licensing and Operations) Regulations 2016

The SECP has issued a notification for a proposed amendment to Regulation 4 of the Securities Brokers (Licensing and Operations) Regulations, 2016 in exercise of the powers conferred by Section 169 of the Securities Act, 2015.

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FBR issues changes in the Income Tax Rules 2002

The FBR has issued a notification for including a new Chapter in the Income Tax Rules, 2002 in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001.  

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Insurance Rules 2017 notified by SECP

Security and Exchange Commission of Pakistan (SECP) has notified the Insurance Rules, 2017 pursuant to the Insurance Ordinance, 2000 read with the S.R.O. 708(I)/2009, dated 27.07.2009.

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Competition Regulations 2016

Competition Commission of Pakistan (CCP) has promulgated the Competition (Merger Control) Regulations, 2016 on 28 December 2016, and the Competition (Merger Control) Regulations, 2007 have been repealed.

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KP’s new mine laws for investment

Since August the Khyber Pakhtunkhwa government has received 460 applications so far from prospective investors for new licences for mineral exploitation.

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Investment in new plant, machinery: provisions allowing tax credits being extended for three years

The Federal Board of Revenue (FBR) has said that the operation of provisions allowing tax credits on investment in new plant and machinery by an existing industrial undertaking or establishment of new industrial undertakings is being extended for further three years in the budget (2016-17).

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Insight

The Insurance Rules 2017 – Comparison with Insurance Rules 2002 and the Securities and Exchange Commission (Insurance) Rules 2002

The Insurance Rules, 2017 (“2017 Rules”) were promulgated by the Securities and Exchange Commission of Pakistan on 9 February 2017, which repealed the Insurance Rules, 2002 (“2002 Rules”) and the Securities and Exchange Commission (Insurance) Rules, 2002 (“SEC Rules”).

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Companies (Appointment of Legal Advisers) (Amendment) Act, 2017 – Comparison with 1974 Act

Companies (Appointment of Legal Advisers) (Amendment) Act, 2017 has been promulgated which amends the Companies (Appointment of Legal Advisers) Act, 1974.

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Competition Regulations 2016 – Comparison with 2007 Regulations

Competition Commission of Pakistan (CCP) has promulgated the Competition (Merger Control) Regulations, 2016 on 28 December 2016, and the Competition (Merger Control) Regulations, 2007 have been repealed.

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Tax Challenges Faced by Pakistani Governments

Increasing tax revenues has proven to be a significant challenge for recent Pakistani governments. The stagnation of the tax to GDP ratio to around 10 percent has widely been attributed to a host of inter-connected factors including weak enforcement, fragmented revenue administrations, low compliance by taxpayers, generous and distortionary exemptions and concessions to entire sectors of the economy and narrow tax bases.

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Memorandum on Companies Ordinance, 2016 – Salient Changes

The Companies Ordinance, 2016 (the “2016 Ordinance”) was promulgated on 11 November 2016 and repealed the Companies Ordinance, 1984 (the “1984 Ordinance”), save for the provisions appearing in Sections 282A to 282N of the 1984 Ordinance relating to Non-Banking Finance Companies. This memorandum outlines the material changes brought about by the 2016 Ordinance.

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DIFC Funds Regime

Overview: Dubai International Financial Centre - Fund Regime

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