This booklet contains notes and comments on the amendments made in the fiscal laws through Finance Acts passed by Federal Government and Provincial Governments of Sindh, Punjab and KPK as they stand on July 1, 2017. Balochistan Finance Act, 2017 is not covered by this booklet due to its non-availability. Further, this booklet also contains comments on various SROs issued under the Federal and Provincial fiscal laws.
Through various Memorandums released by our Firm during May / June 2017 on Federal and Provincial Finance Bills, 2017, we presented general comments, suggestions and effects of the various proposals made in the Finance Bills laid before the respective assemblies for their approval.
Notes and comments in this booklet provide our views on certain matters which have generally been made with positive connotation, however, readers are requested to seek specific opinions and views on contentious issues especially for the reason that executive field officers and at times even the appellate forums apply and interpret the laws differently.
This brief note is the first of a series to be released by the firm on the new Companies Ordinance, 2016 (2016 Ordinance). This Ordinance has repealed the existing Companies Ordinance, 1984 (1984 Ordinance).
The Companies’ law is the primary and mother law for the businesses to be run under the corporate sector. Other laws, including banking laws etc. rely on this primary law with respect to corporate regulations.
In this part, only a summary of key changes and new concepts of the 2016 Ordinance have been identified. Our comments on implications shall follow.