Posted by: HA_Law_Graduate
11-09-2025, 11:37 AM
Forum: Constitution and Other Non-Tax Laws نان ٹیکس اور آئین
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11-09-2025, 11:37 AM
Forum: Constitution and Other Non-Tax Laws نان ٹیکس اور آئین
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1- Civil Courts:
In a civil case in Pakistan, proceedings start when the plaintiff files a plaint, upon which the court issues summons to the defendant under Order V of the Civil Procedure Code (CPC). The summons, which serves as formal notice, may be delivered through personal service by a process server (bailiff), registered post with acknowledgment due (AD), or courier/electronic means if permitted by the court. If these methods fail, the court may order substituted service, such as publication in a widely circulated newspaper under Order V Rule 20. Once served, the defendant is required to appear and file a written statement in response to the claims. A special feature of this process is that the defendant must be given reasonable time before the hearing, since strict adherence to service rules is essential for the maintainability of any decree. If the defendant appears and contests, the matter proceeds to trial; but if they fail to respond despite proof of proper service, the court may proceed ex-parte and decide the case based on the plaintiff’s evidence.
2- Criminal Courts:
In criminal cases in Pakistan, proceedings usually begin with the registration of an FIR or the filing of a complaint, after which the court issues summons or warrant under the Code of Criminal Procedure (CrPC). Summons may be served through personal delivery by a serving officer (sections 68–74 CrPC), while notices to witnesses may also be sent by registered post. If the accused absconds or avoids service, the court may order proclamation proceedings under sections 87–89 CrPC, which involve publication in a newspaper and affixation of the notice on the accused’s residence. The accused is required to appear before the court to answer the charges, seek bail, or contest the case. A special feature of criminal procedure is that service is applied more strictly than in civil cases, to safeguard the liberty of the accused. If the accused still fails to appear despite due service, the court may issue bailable or non-bailable warrants, attach property, and in some cases proceed against the accused in absentia as permitted by law.
3- Tax Authorities/Tribunals:
In tax matters in Pakistan, proceedings usually start when the tax authority issues a show-cause notice, assessment order, or when a taxpayer files an appeal before a tribunal under the Income Tax Ordinance, 2001 or other fiscal statutes. The notice mechanism includes service by registered post or courier (section 218 ITO), electronic service through the IRIS portal, and if these remain unserved, by affixation at the taxpayer’s last known address. A key special feature here is that tax tribunals are independent quasi-judicial bodies meant to resolve disputes and ensure accountability of the tax authority, and unlike civil courts under the CPC, service is deemed valid once dispatched to the taxpayer’s registered address, without requiring personal delivery. The taxpayer must then respond by filing a reply or appearing for hearing; if they fail to do so despite valid service, the tribunal may proceed ex parte and decide the matter on record, which can result in assessment of additional tax, penalties, or enforcement of recovery.
4- Banking Courts:
In the Banking Courts of Pakistan, proceedings start when a financial institution files a recovery suit under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The court then issues summons to the defendant, which may be served through courier, registered post, or bailiff, and if these fail, substituted service through publication in newspapers may be ordered. The defendant is required to file a written statement within the prescribed period, usually 30 days, to admit or contest liability. A special feature of this system is that banking suits are summary in nature, where expedited service of notice is emphasized to prevent delay in recoveries, and in certain cases High Courts also exercise jurisdiction as Banking Courts. If the defendant appears, the matter proceeds to trial; however, if they fail to respond despite valid service, the court may proceed ex-parte and pass a decree in favor of the financial institution, which can then be swiftly executed through attachment and sale of the debtor’s property.
5- Consumer Courts
In the Consumer Courts of Pakistan, proceedings begin when a consumer files a written complaint under the provincial Consumer Protection Act. Once admitted, the court issues summons to the opposite party, which are commonly served through registered post with acknowledgment due (AD) or courier service, and if these remain un-served, by affixation at the respondent’s premises. A key special feature is that consumer laws stress quick and summary disposal of cases, so service is usually affected by post or courier with less reliance on bailiffs to avoid delays. The accused party is required to appear and submit a reply within the given time; if they contest, the matter proceeds with evidence and hearings. However, if they fail to respond despite valid service, the Consumer Court may proceed ex-parte and pass an order in favor of the complainant, which may include directions for refund, replacement, compensation, or penalties.
Posted by: Nasir Ansari
11-09-2025, 11:27 AM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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11-09-2025, 11:27 AM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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Updated: September 10, 2025
- Executive Summary
- Key Governing Laws & Regulations related to General Meetings
- Types of General Meetings
- Action Plan for Annual Report Publication and AGM Proceedings
- Documents / Things / Articles Required for the AGM / EGM
- Action Items for the AGM Day
- Post-AGM Compliance Timeline & Responsibilities
- AGM Timeline: Key Statutory Deadlines and Procedures
- Detailed Step-by-Step Process
- Regulatory changes concerning the conduct of elections and general meetings by listed companies
- Format of the Notice of Ballot Paper and E-Voting Facility
- Format of the Ballot Paper for Voting through Post
- Video Link Facility Form and Bank Account Detail Form
- Application for Extension of Time for Holding Annual General Meeting
- Draft Board Resolution approving the application for an extension
- Affidavit on a non-judicial stamp paper, attested by an Oath Commissioner, detailing and affirming the reasons for the request
Posted by: HA_Law_Graduate
09-09-2025, 08:46 PM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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09-09-2025, 08:46 PM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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Incorporation Steps:
According to Companies Incorporation Regulations 2017 and the eServices portal by SECP, a company may be incorporated in the following steps (Section 5, Regulations 2017):
1) Making an account on the eServices portal by SECP
2) Add declarant and subscribers’ details on the portal (e.g. NIC, Power of Attorney, Mobile Phone number linked with CNIC, etc.)
3) Provide corporate and financial information for the company (e.g. the registered business address)
4) Attach documentation- Memorandum of Association, Articles of Association, New Challan
After this, as per section 11 of the regulations, the incorporation may be issued by SECP after verification of all documents.
Post Incorporation:Step 1: According to Section 16 regulations for incorporation of companies 2017, the first thing to do is to file certificate of receipt of share money with SECP, within 45 days of the incorporation. The certificate must be issued by a practicing chartered accountant or cost and management accountant, according to the form provided in Annexure VII of the regulations.
Step 2: Apply to Federal Board of Revenue and register to get a National Tax Number (NTN) as per section 181 of Income Tax Ordinance, 2001 and Rule 79 & 80(3) of Income Tax Rules, 2002. This can be done by e-enrollment on the IRIS portal by FBR. The list of documents that are required for this registration are given in Rule 80B(2) of the same.
(a) name of company or AOP;
(b) business name;
© business address;
(d) accounting period;
(e) phone No of business;
(f) e-mail;
(g) cell phone of principal officer of the company or AOP;
(h) principal business activity;
(i) address of industrial establishment or principal place of business;
(j) company type, like public limited, private limited, unit trust, trust, NGO, society, small company, modaraba or any other;
(k) date of registration;
(l) incorporation certificate by Securities and Exchange Commission of Pakistan (SECP) in case of company;
(m) registration certificate and partnership deed in case of registered firm;
(n) partnership deed in case firm is not registered;
(o) trust deed in case of trust;
(p) registration certificate in case of society;
® name of representative with his CNIC or NTN;
(s) following particulars of every director and major shareholder having 10% or more shares in case of company or partners in case of an AOP, namely:-
(i) Name;
(ii) CNIC/NTN/Passport;
(iii) Share %
Step 3: Set up a Registered office and provide all details of said office within 30 days of the incorporation to the Registrar of Companies at SECP, as per the requirements of Section 21 of the Companies Act of 2017.
Step 4: Publish the Company name to complete the requirements of Section 22 of the Companies Act, by displaying it outside the place of business and display certificate of incorporation at every place of business of the company.
Step 5: Start maintaining records e.g. the register of members as required by section 119, or books of accounts as required by section 220.
Step 6: Companies act, as laid down in section 132(1), requires that every company, including private companies, hold an annual general meeting (AGM) within 16 months of incorporation.
Step 7: One of the most essential steps is to set up a company bank account, which may be done by approaching a bank with documentations including memorandum of association and articles of association which specifically highlight who has the authority to open and administer a bank account, and a board resolution which have allowed the opening of the bank account of the company.
Posted by: HA_Law_Graduate
09-09-2025, 07:56 PM
Forum: Non-Taxation discussions ٹیکسز کے علاؤہ
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09-09-2025, 07:56 PM
Forum: Non-Taxation discussions ٹیکسز کے علاؤہ
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Import and Storage of Petroleum in Pakistan: Law, Constitution, and Public Safety
Petroleum means any liquid hydrocarbon or mixture of hydrocarbons, and any inflammable mixture (liquid, viscous or solid) containing any liquid hydrocarbon. It fuels transport, industry, and energy. The law sets rules on import, storage, and use of petroleum in the Petroleum Act of 1934, along with the Petroleum Rules of 1937.
Petroleum is divided by flash point:
- Class A: below 23°C. Petrol, aviation fuel. Highly volatile.
- Class B: 23°C to 65°C. Kerosene.
- Class C: above 65°C. Diesel, furnace oil.
Import Regulation
Section 3 of the Petroleum Act imposes a simple condition, without a proper license no one shall import, store or transport any petroleum. To obtain a license one must comply with and follow the rules made under section 4.
The government makes the rules for providing and granting of combined licenses for the import, transport and storage of petroleum, or for any two of such purposes. There are certain forms of licenses relevant to petroleum they are:
· Form K (For Grant of Petrol Pump Licenses)
· Form L (For Bulk Storage of Petroleum Products)
· Form M (For Godowns of Petroleum Products)
· Form Q (For Transportation of Petroleum Products)
The licenses are managed by the Ministry of Energy (Petroleum Division) and OGRA. Customs ensures compliance at ports.
Storage Regulation
Control does not concern the imports only. Storage and transport are also concerned with and are equally regulated. Section 4 prohibits keeping petroleum beyond small exempted amounts without a license. The Petroleum Rules, 1937 provide technical standards.
- Tanks must meet approved design.
- Depots must maintain safe distance from dwellings.
- Firefighting systems, spill controls, and ventilation are mandatory.
- Lightning protection and grounding are required.
These safeguards are not formalities, they are legal duties and requirements that everyone is required to comply with, they give practical effect to Article 9 the protection of life.
Penalties
The Act prescribes strict sanctions and penalties, Section 23 of the act states that anyone in contravention of any provision in chapter I of the act, or in contravention of any rule under section 4 or 5, or refuses to comply with authorized officers and fulfill requirements needed by said officers, shall face imprisonment up to three years, a fine up to Rs. 10,000, or both. For continuing violations, fines increase by Rs. 1,000 per day.
In case of Illegally imported or stored petroleum, the petroleum shall be seized and Licenses may be suspended or revoked, with a punishment of fine of up to Rs. 1,000,000. The system is designed not only to punish illegal practices and noncompliance, but also to deter from unsafe practices.
Proposed Amendment:
In the recent proposed amendment of the Petroleum Act 1934, approved in August 2025 by Senate, a new clause (kk) was added in section 4, stating that the govt may make rules about prescribing real time and information technology enabled digital tracking, storage monitoring and dispensing of petroleum products at storage points and en route by coordinating actions of authorities.
Under section 23 sub section 3 clause (b) shall be replaced and state that anyone who repeat offense under subsection 3(a) shall be punishable by fine of up to Rs. 5,000,000. Under section 24(b)(2) any person aggrieved by decisions under section (1) may appeal in front of the concerned sessions court within 30 days.
The amendment also adds new sections:
3(A)- facility for storage and selling of petroleum products to the general public shall be liable to sealing and all machinery being seized and confiscated, with additional fine of up to Rs. 10,000,000.
3(B)- any facility operating under from K, upon expiry of the license has 6 months to renew the license before they are liable for closure and confiscation and a fine of Rs. 1,000,000.
3©- any facility with license and operating under section 4 involved in storage or sale of smuggled petroleum goods shall be liable to closure and a fine of Rs.100,000,000 and the cancelling of any team
3(D)- any means of transportation for smuggled petroleum products shall be liable to confiscation
3(E)- any goods confiscated by the authorised officers shall be handed over to the officers of customs in accordance with the customs act 1969.
In Pakistan, petroleum is more than a commodity. It is a constitutional concern. The Federal government holds authority, while the Petroleum Act of 1934 and Petroleum Rules of 1937 supply the operational code. Together they protect two basic guarantees: life and property.
Petroleum law, therefore, is not simply economic regulation. It is a framework for public safety.
FBR, through amendments in the Sales Tax Rules, 2006, has reinforced its authority to suspend or blacklist sales tax-registered persons under section 21(2) of the Sales Tax Act, 1990.
Where the Commissioner or the Board has reason to believe that a registered person has issued fake invoices, evaded tax, or engaged in fraud, the registration may be suspended through the system (without prior notice) pending inquiry. To maintain uniformity, LTOs and RTOs are instructed to follow a structured procedure in such cases.
Grounds for suspension include:
1. Non-existence of the taxpayer at the registered address.
2. Denial of access to premises under sections 40B and 40C, or refusal to produce records under sections 25 and 37 of the Act.
3. Business activity exceeding five times the declared capital and liabilities.
4. Transactions exceeding 10% with suspended persons during a month or where the value is above Rs. 50 million, whichever is higher.
5. Non-filing of returns for three consecutive months, null-filing for six consecutive months, or conduct amounting to tax
Fraud
Registered persons are advised to review compliance procedures to mitigate the risk of suspension or blacklisting under these updated rules.
Posted by: HA_Law_Graduate
07-09-2025, 08:57 PM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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07-09-2025, 08:57 PM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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The Securities and Exchange Commission of Pakistan (SECP) has taken a significant step in digitizing and simplifying corporate banking procedures. On August 25, 2025, SECP issued a press release announcing a standardized format for Board resolutions to facilitate the opening of corporate bank accounts, accompanied by a QR code to ensure instant verification.
What’s New
- Uniform Format: SECP now mandates companies use a predefined template (Annexure-A of Circular No. 22 of 2025) when submitting Board resolutions for corporate bank accounts, with the flexibility to add or omit details as needed.
- Digital Authentication: Resolutions—whether digital or printed—must be authenticated by an authorized officer. If submitted electronically, it must bear either an electronic or advanced electronic signature under the Electronic Transactions Ordinance, 2002.
- QR Code Verification: The addition of a QR code allows immediate validation of key resolution details, such as the company name, date of passing, attending directors, and authorized signatories, leading to enhanced transparency.
- Encouraging Adoption: Financial institutions are urged to accept this QR-enhanced format, provided it aligns with their internal due diligence procedures.
This initiative is part of SECP’s broader “From Paper to Platform” digital transformation agenda, unveiled during its 7th Registrar Conference. Key benefits include:
- Faster Onboarding: Uniform documentation significantly reduces processing delays and compliance bottlenecks
- Improved Verification: QR codes and digital signatures make the process more secure and easier to verify—even remotely.
- Cost and Time Efficiency: A leaner, paperless procedure creates tangible savings for both companies and banks.
- Strengthened Oversight: The framework supports regulatory transparency—while safeguarding against manipulation—enhancing Pakistan’s ease-of-doing-business environment.
The Official Press Release is attached: https://www.secp.gov.pk/wp-content/uploa...utions.pdf
The sample released by SECP via social platforms is also attached with the thread.
Posted by: Ather Saleem
06-09-2025, 11:30 PM
Forum: Updates on Pak Tax Forums فورم کے متعلق
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06-09-2025, 11:30 PM
Forum: Updates on Pak Tax Forums فورم کے متعلق
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Theme is being updated to compensate better view on mobile app & mobile browsers
You may notice few more changes in coming days. Suggestions welcome
Posted by: Nasir Ansari
05-09-2025, 06:35 PM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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05-09-2025, 06:35 PM
Forum: Corporate & SECP Matters کمپنیوں کے متعلق
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Updated: September 5, 2025
- Overview
- Change in number of Directors
- Casual Vacancy
- Security Clearance
- Banking
- Undertaking & Bio-data
- Approvals
Posted by: Ather Saleem
04-09-2025, 06:12 PM
Forum: Non-Taxation discussions ٹیکسز کے علاؤہ
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04-09-2025, 06:12 PM
Forum: Non-Taxation discussions ٹیکسز کے علاؤہ
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