“The third extension in the amnesty schemes was made on growing demand from investor bodies and business associations as the schemes help businesses adjust their statutory returns and annual accounts,” said SECP in a press release issued on Friday.
A circular notifying the extension has been placed on the SECP’s website. So far, around 3,500 companies have taken benefit of the schemes. The schemes were initially introduced for two months, from July 2 to August 31.
The regularisation scheme, which is applicable to all unlisted companies, provides defaulting firms an opportunity to file their overdue statutory returns and annual accounts.
The purpose of the schemes is to provide two facilities for the companies at the same time, either to get their defaults regularised under CRS, or opt for the exit facility under CEES, if the company is defunct, not doing any business or not in operation and intends to cease operation.
According to the SECP, the fee structure will remain the same as applicable in November.
Published in The Express Tribune, December 22nd, 2012.
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Well done. It does the flexibility of SECP that it can extra mile for the facilitation of business in Pakistan.