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SECP verified FBR data of compliant companies

 SECP verified FBR data of compliant companiesISLAMABAD:  The Securities and Exchange Commission of Pakistan (SECP) has responded to the Federal Board of Revenue’s query and apprised it about the companies that had satisfied its compliance requirements but had not filed tax returns with the FBR.

The FBR wanted to confirm their filing status with the SECP for the year 2014.

The FBR had shared a list of 9,721 companies with the SECP on January 5. These companies did not e-filed income tax returns as of January 5, 2015, but had filed tax returns for the tax year 2013.

It emerged that about 62% of companies, out of 7,444 companies, have filed their annual returns with the SECP in 2014. The lists of 4,641 compliant and 2,803 non-compliant companies have been shared with the FBR.

The SECP carried out a comprehensive exercise to check the status of the said entities/companies through its online database. In a short span of 10 days, the SECP examined the status of 7,444 companies (76 %) from the provided list.

The status of the remaining 2,277 companies is being checked manually as these companies might not have filed their returns by using the online facility or might not be registered as companies with the SECP.

 

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