Year Book Presentation.

• Position: Awards for Non-Banking Financial Institutions and Modarabas

NBFIs and modaraba companies must reject sales tax, support macroeconomic policies

Non-Banking Financial Institutions (NBFIs) and Modarabas must oppose and take notice on the sales taxes imposed on NBFIs and Mobarada companies considering them as services sector by the Government of Sindh in its budget, this sector is only providing financial support rather than services as assumed by the government. Whereas the Regulator are not observing their true power as laid in 1913 Act, this was stated by the chief guest Mr. Khalid Mirza, Chairman, Policy Board, Securities and Exchange Commission of Pakistan on the occasion of unveiling the Year Book-2018 of NBFI and Modaraba Association of Pakistan on Monday the 24th June, 2018 which was attended by senior officials from SECP, Pakistan Stock Exchange, State Bank of Pakistan, NBFI and Modaraba sector and executives from other financial sector.

He further added that NBFI and Modaraba help attain the objective of macroeconomic policies of creating more jobs in the country by promoting SMEs. He said that the Small and Medium Enterprises requirement and their volume the revenue of PKR 94 billion available by NBFI and Mobaraba Association will not cater SME need. We have to increase the available revenue to meet the requirement drastically.

Earlier Mr. Raheel Q. Ahmad, Chairman, NBFI and Modaraba Association while welcoming the chief guest and others, said that the core business of NBFI and Modaraba sector is SMEs, which is a backbone of Pakistan economy as this sector plays a significant role for economic development in the country. He said that NBFI and Modaraba sector is an active financier of SMEs and it has disbursed over PKR200 billion in the last ten years. The total number of investors in PSX is 231,793 whereas the NBFI and Modaraba sector have 86,473 investors, which comes to 37% of it. The sector has paid to their shareholders PKR10 billion during the last ten years. "Our focus is on the creation of employment, financial...