SECP Revises Procedure for Filing Tax Returns By Companies

The Securities and Exchange Commission of Pakistan (SECP) has revised the procedure for filing of returns (Form-9) by companies. In this regard, the SECP has amended Companies Regulations, 2024 through an SRO.409 (I)/2024 here on Tuesday. According to the revised regulations, the company shall file a return with the registrar as per Form-9. In case of appointment or election of a director, or appointment of a chief executive, or resignation or retirement of a director or chief executive, as the case may be, the specified return shall be filed by the company through eZfile only which shall contain digital verification from the incoming or outgoing director or chief executive. Provided that in case digital verification from the outgoing director or chief executive is not received within five days, the company shall report the impediment through eZfile to the registrar, and the registrar on receipt of such impediment may allow the company, to file the specified return, after due diligence, as deemed appropriate. The digital verification shall not be applicable upon cessation of nominee directors or Chief Executive and the company shall attach a notification or Board resolution, whichever is relevant, from the nominating body along with the specified return. The existing directors or chief executive officers of the companies who are currently not registered with the Commission through eZfile shall get themselves registered within three months from the date of notification or earlier before their resignation or retirement, SECP added. Where the filing of specified returns containing particulars of induction or cessation of directors or Chief Executive is not possible through eZfile, the registrar of companies may for special reasons to be recorded in writing allow the filing of specified returns in physical form accompanied by relevant documentary evidence, as deemed necessary. The registrar, upon acceptance of the return, shall inform the incoming and outgoing director or the Chief Executive, about the fact of his induction or resignation or retirement or removal or vacation of office through eZfile or in any other manner, as deemed appropriate by the Registrar. The expression “eZfile” refers to the online service provided by the Commission for lodging or filing of electronic documents.”.