Financial Institutions Act, 2016 amended for Enhancing Access to Credit to SMEs

Scope of Financial Institution Act, 2016 Expanded for Getting Credit and Provide More Protection to Lenders and Borrowers  Reform Description  Financial Institutions Act, 2016 amended for Enhancing Access to Credit by Financial Institutions Against Moveable & Immoveable, Existing and Future Assets and Providing More Protection to Borrowers and Lenders Before: Only incorporated companies were getting…

Commercial Courts Established in Sindh and Punjab for Speedy Decisions

Commercial Courts Established in Sindh and Punjab for Expeditious Disposal of Commercial Cases         Reform Description  Commercial Courts have been Established in Sindh and Punjab to Fast-track Contract Enforcement Before: Timely decision from court is very important for businesses confronted with any dispute. Unfortunately, Commercial Cases were taking much time for resolving…

Integration of Departments with WeBOC for Efficient Trade

Integration of Animal Quarantine, Plant Protection and Seed Certification Departments in Web Based One Customs (WeBOC) Software for Efficient Trade  Reform Description  More Departments Integrated for Reduction in Time and Transparency in Trade Before: There was no integration of Animal Quarantine Dep, Plant Protection Department and Seed Certification Departments with the WeBOC system, resulting in…

Online Payment of Pension Contributions started by EoBI

EoBI Introduced Online System for Pension Contributions by Employers  Reform Description  EoBI Introduced Online System for Pension Contributions by Employers Before: Businesses were facing huge difficulty as  payments of contributions were being made manually, consuming time, and causing a lot of hassle. Besides, the number of payments for pension contributions in EoDB report 2020 was…

Online Payments of Income and Sales tax

FBR has introduced Online Payments of Income Tax and Sales Tax Reform Description FBR Introduced Online Payments of Corporate Income Tax and Sales Tax Before: Businesses were required to make tax payments manually, involving cumbersome processes. Besides, in the World Bank’s Doing Business Report, the numbers of payments of Corporate Income Tax were recorded 05…

Single Digital Registration Certificate for 7 Agencies

SECP has Introduced Single Digital Registration Certification System for Registration with 06 Other Departments       Reform Description  Single Digital Registration Certificate for 7 agencies through SECP’s e-services portal. Before: New companies needed to obtain separate incorporation certificates from several agencies, causing hassle and adding to the cost and time. After: Joint incorporation certificate…

Timely Registration of Partnerships

Prescribe Timelines for the Registration Process of Partnerships in Relevant Regulations  Reform Description  Timelines Prescribed for Registration of Partnerships Before: Businesses were facing uncertainty as registrations for partnership were made without following any timeframe and in majority cases it took more time than necessary. After: The partnership registration process has been made time bound, now…