Government has no plans on imposing new taxes assures Abdul Hafeez Shaikh

Government has no plans on imposing new taxes assures Abdul Hafeez Shaikh

Tuesday, April 10, 2012: Abdul Hafeez Shaikh, Finance Minister, has  assured that the reigning Government of Pakistan has no plans to impose new taxes in the upcoming budget and will work to increase its revenue by amending the
corrupt system and by adding potential taxpayers.

The Finance minster shared these views while speaking at the launching ceremony of the Code of Corporate Governance 2012, organised by the Securities and Exchange Commission of Pakistan (SECP) here on Tuesday.

Hafeez laid emphasis on government performance in the face of political and economic challenges. He said, “The government’s priority is to bring economic stability and pursue a policy of self-reliance.”

Meanwhile, SECP said the Code of Corporate Governance 2012 set a minimum benchmark in terms of governance standards, would bring consistency in corporate practices and promote transparency through enhanced disclosure requirements.

The code will result in availability of enhanced information to market participants and will provide better protection of rights of all investors, particularly minority shareholders.

The code requires at least one independent director while preference is for one-third of total members of the board as independent directors. The criterion for assessment of independence has been substantially expanded.

The maximum number of executive directors has been reduced from 75% to one-third of elected directors including CEO.

The number of directorships has been cut from 10 to 7 that a director can hold at the same time while the requirement of board evaluation has been introduced.

The office of chairman and CEO has been separated. The chairman will now be elected from amongst non-executive directors of a listed company.

Short URL: https://www.newspakistan.pk/?p=18608

Posted by Wajahat Javed on Apr 11 2012. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry