Lahore: The Chairman Securities and Exchange Commission of Pakistan (SECP), Aamir Khan said that documentation of the economy is vital for economic progress and building a vibrant corporate sector. SECP has adopted the method of regulatory guillotine to review and simplify old regulations and eliminate those that are no longer needed. It results in economically-significant regulatory cost reductions for businesses. Khan made these comments at the inauguration of SECP’s facilitation desk at Lahore Tax Bar, the first of its kind at any Tax Bar.
In his address, Chairman SECP appreciated the proactive approach of Lahore Tax Bar Association in establishing the facilitation desk, that will help in redressing the practical problems faced by the business community concerning company law. Khan also briefed the participants about numerous reforms introduced by SECP to promote a healthy corporate culture, including digitalization and standardization of company incorporation process and integration with other government agencies, which have resulted in 51% growth in new incorporations during FY 2020-21.
Mr. Mubashar Saeed Saddozai, the Registrar of Companies, informed the participants that the facilitation center will provide requisite assistance to promoters of new companies as well as management of existing companies, and hoped that such outreach measures will further improve the overall user experience for the public.