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KARACHI: A large number of companies may not benefit from the amnesty scheme
re-launched by the Securities and Exchange Commission of Pakistan as they have
already filed their returns with the commission.
The SECP had launched companies’ regularisation scheme in 2002, providing an
opportunity to defaulter companies to file their overdue statutory returns.
The scheme allowed companies to pay a one-time additional fee, instead of three
times, and it also absolved such companies of liabilities arising from the
default, delay in filing or other failure to comply with the requirements of
Companies Ordinance, 1984.
The commission re-launched the amnesty scheme for 45 days, starting from May 15
to June 30 and fixed default period committed up to Dec 31, 2008.
The biggest advantage allowed by the SECP to the defaulting companies under the
new scheme is entitlement to overdue returns and annual accounts acceptance on
payment of normal filing fee and without paying any additional fee.
It also assures that no cognizance of such companies default, delay in filing or
other failure to file with requirements of the Ordinance would apply to defaults
committed up to Dec 31.
The scheme is applicable to non-listed public companies, private companies,
associations not for profit under section 42, trade organisations, companies
limited by guarantee under section 43 and foreign companies.
The president, Income Tax Bar Association, Karachi Najam Irshad Khan, told Dawn
that if the SECP ignores those companies who have already filed their returns
and fine along with penal proceedings have been initiated before the
implementation of the amnesty scheme should also be allowed to avail the scheme
or else it would be against natural justice.
He said a large number of such companies would have to face proceedings and also
have to pay additional fee which is three times higher than normal fee.
Mr Khan urged the commission to accommodate such companies in the amnesty scheme
as it would go a long way in enhancing the image of the SECP and also work as
confidence building with private sector. |
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