SECP gives 2-year NTN exemption to small companies

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), through a circular, has given National Tax Number (NTN) exemption for a period of two years to all small companies.

In this regard, the SECP has issued a circular (number 35 of 2016) after the promulgation of the Companies Ordinance, 2016 regarding exemption from NTN requirement under the Companies Ordinance, 2016.

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The SECP said that the Companies Ordinance, 2016 (“the Ordinance”) was promulgated on November 11, 2016.

The provisions of section 153 (h) of the Ordinance provides that a person shall not be eligible for appointment as a director of a company, if he does not hold a National Tax Number as per the provisions of the Income Tax Ordinance, 2001.