No new taxes in upcoming budget

“The government’s priority is to bring economic stability and pursue a policy of self-reliance,” he stressed. PHOTO: AFP/FILE

KARACHI: Finance Minister Abdul Hafeez Shaikh has said that the government has no plans to introduce any new taxes in the upcoming budget and will continue its drive to search for potential taxpayers.

He said this while speaking at the launching ceremony of the Code of Corporate Governance 2012, organised by the Securities and Exchange Commission of Pakistan (SECP) here on Tuesday.

In his speech, Shaikh focused on government performance in the face of political and economic challenges.

“The government’s priority is to bring economic stability and pursue a policy of self-reliance,” he stressed.

Meanwhile, SECP said the Code of Corporate Governance 2012 set a minimum benchmark in terms of governance standards, would bring consistency in corporate practices and promote transparency through enhanced disclosure requirements.

The code will result in availability of enhanced information to market participants and will provide better protection of rights of all investors, particularly minority shareholders.

The code requires at least one independent director while preference is for one-third of total members of the board as independent directors. The criterion for assessment of independence has been substantially expanded.

The maximum number of executive directors has been reduced from 75% to one-third of elected directors including CEO.

The number of directorships has been cut from 10 to 7 that a director can hold at the same time while the requirement of board evaluation has been introduced.

The office of chairman and CEO has been separated. The chairman will now be elected from amongst non-executive directors of a listed company.

Published in The Express Tribune, April 11^th, 2012.