Descriptions Publish Date Reference INTRODUCTION
The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory authority in Pakistan responsible for overseeing and regulating the country's corporate sector, including public sector companies. Established in 1999 under the Securities and Exchange Commission of Pakistan Act, the SECP's primary objective is to foster a fair, transparent, and efficient corporate and capital market environment.
The Federal Board of Revenue (FBR) is the apex tax authority in Pakistan responsible for collecting federal taxes, regulating customs operations, and ensuring compliance with tax laws and regulations. Established in 1924, the FBR plays a critical role in managing the country's revenue system and enforcing tax policies.
Public-Private Partnerships (PPPs) are being widely used as a procurement method by governments all over the world. The objective of such partnerships is to better serve the public through partnering arrangements with private sector.
The SEZ Act was promulgated on September 13, 2012 and later this year the SEZ Rules were notified. The law provides SEZs to be set up by the Federal or Provincial Governments themselves or in collaboration with the private sector under different modes of public-private partnership or exclusively through the private sector. The fiscal benefits under the SEZ law include a one-time exemption from custom duties and taxes for all capital goods imported into Pakistan for the development, operations and maintenance of a SEZ (both for the developer as well as for the zone enterprise) and exemption from all taxes on income for a period of ten years. The provincial SEZ authorities, set up under the law, are required to move the applications received from developers to the Federal Board of Investment which is to act as the secretariat to the Board of Approval and the Approval committee.