SECP launches scheme to boost tax compliance

The Securities and Exchange Commission of Pakistan (SECP) has initiated a new scheme to assist companies that have not filed tax returns for several years. The aim of this scheme is to motivate these non-compliant companies to adhere to tax laws by registering with the SECP.

Under this program, companies that have neglected their tax filing obligations for an extended period now have the opportunity to correct their status by enrolling with the SECP. This step is part of the SECP's strategy to boost tax compliance within the Pakistani business community.

By participating in this regularization scheme, defaulting companies can update their tax filing records and prevent potential penalties or legal issues due to non-compliance. The SECP's initiative offers these companies a chance to rectify their past mistakes and align with tax regulations.

The SECP's new scheme provides a valuable opportunity for companies in Pakistan to rectify their tax filing status and ensure compliance with regulatory requirements. By taking advantage of this initiative, businesses can avoid penalties and operate within the legal framework, contributing to a more transparent and accountable business environment in the country.