Page 76 - CMA Journal (Sep-Oct 2025)

REGULATORY O TH ER F EATURES
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Other Features
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WATCH
REGULATORY
WATCH
By ICMA Research and Publica ons Department

SECP Consults on Reforming November 30, 2025. While FBR is phasing out manual
By ICMA Research and Publica ons Department
forms in favor of digital filing, special support cells in tax
Pakistan’s Cost Audit Regime
offices will assist manual filers with legal and technical
The SECP held high-level consultations in Islamabad, guidance free of cost. The extension aims to ensure
Lahore, and Karachi on reforming Pakistan’s cost audit smooth completion of the process, following a record 5.9
framework, following its January 2025 Consultation million returns filed for FY2025, up 17.6% from last year.
Paper. Industry representatives, ICAP, ICMA, MoI, and CCP
discussed aligning the regime with international FBR Mandates Online Filing for
standards and enhancing its regulatory relevance. It was Individual Taxpayers
agreed that ICAP and ICMA will jointly review and
The Federal Board of Revenue (FBR) has proposed
provide detailed recommendations within three weeks,
amendments to the Income Tax Rules 2002, making it
focusing on audit formats, scope, and filing mechanisms,
mandatory for individual taxpayers to submit both
aiming to ensure transparency, accountability, and ease
income tax returns and withholding statements online.
of doing business.
The draft under Rule 73 has been issued for stakeholder
SECP Seeks Public Feedback on ESG feedback, with comments invited within seven days of
gazette publication. The initiative aims to modernize tax
Disclosure Guidelines
filing, streamline processes, and enhance management
The SECP has issued draft additions to its Guidelines on of taxpayer data.
ESG Disclosures for Listed Companies for public
consultation until October 22, 2025. The drafts, aligned SBP Issues Framework for Fair
with Pakistan’s climate commitments and the Green Consumer Treatment
Taxonomy, outline phased disclosure requirements
applicable to all listed companies, voluntary until 2029 The State Bank of Pakistan has introduced the Business
before becoming mandatory. Stakeholders, including Conduct and Fair Treatment of Consumers Regulatory
environmental professionals and the public, are invited Framework (BC&FRF), setting new standards for banks,
to provide feedback to help finalize the guidelines and DFIs, EMIs, and payment service providers. The
strengthen responsible business practices. framework covers the full product lifecycle, emphasizing
governance, transparency, fair conduct, data protection,
SECP Approves New Book Building dispute resolution, and consumer awareness. Designed
after extensive consultation, BC&FRF aims to foster a
Mechanism for IPOs
customer-centric, ethical, and resilient financial
The SECP has approved joint procedures for a ecosystem, reinforcing SBP’s commitment to consumer
modernized book building mechanism under the protection and responsible business conduct.
amended Public Offering Regulations, 2017, effective
August 6, 2025. The framework replaces the traditional SBP Reports Robust Growth in
Book Runner model with Eligible Participants (EPs), Payment Systems for FY25
allowing brokers, banks, DFIs, and mutual funds to
The State Bank of Pakistan released its Annual Payment
participate directly in IPOs. Investors can submit
Systems Review for FY25, highlighting rapid expansion
disclosed or undisclosed bids, enhancing transparency,
in digital and retail payments. Transactions reached 9.1
efficiency, and market competitiveness. The system
billion worth Rs. 612 trillion, with digital channels
integrates PSX and NCCPL infrastructure for smooth bid
accounting for 88% of all retail payments. Mobile
collection, settlement, and refunds, strengthening
banking apps led with 6.2 billion transactions, while
Pakistan’s capital market.
e-money wallets doubled in volume and value. Pakistan’s
FBR Extends Manual Tax Return Filing instant payment platform Raast saw more than a twofold
increase in transactions and value. The POS and ATM
Deadline to Nov 30
networks expanded, and the RTGS system was upgraded
The Federal Board of Revenue (FBR) has extended the to PRISM+, strengthening efficiency, security, and
deadline for taxpayers filing returns manually to financial inclusion across the country.

74 ICMA’s Chartered Management Accountant, Sep-Oct 2025