CIRCULAR NO. 15 OF 2017, June 8, 2017

Exemption from requirement of National Tax Number under the Companies Act, 2017 Securities and Exchange Commission of Pakistan Company Law Division (Corporatization Compliance Department) No. CLD/CCD/PR(11)/2017 June 8, 2017 CIRCULAR NO. 15 OF 2017 Subject: Exemption from requirement of National Tax Number under the Companies Act, 2017 1. The Companies Act, 2017 ("the Act") has been promulgated on 30th May, 2017. The provisions of section 153(h) of the Act provides that a person shall not be eligible for appointment as a director of a company, if he does not hold National Tax Number as per the provisions of Income Tax Ordinance, 2001 (XLIX of 2001). 2. It has been observed that the promoters desirous of forming Small Size Companies (SSC) find difficulties as National Tax Number may not be available at the time of formation of company. 3. Keeping in view of the above and in order to promote…