Corporate, Political, Government Corruption News in Pakistan

ICCI, MoF sign MoUs : Alternate dispute resolution, one-stop centre to be set up  

ISLAMABAD: The capital traders’ body and various government organisations have joined hands to facilitate traders in resolving disputes and registration of new businesses. Two memoranda of understanding (MoUs) were signed in this regard on Tuesday, said a press release. The Islamabad Chamber of Commerce and Industry (ICCI) President, Muzzamil Hussain Sabri and Finance Division Joint Secretary Yasin Gohar signed the MoU for establishment of alternate dispute resolution centre on the chamber’s premises. The step aims at recognising the importance of effective and speedy resolution of trade disputes. It will facilitate the traders in an out-of-court settlement of business disputes, ICCI president said. Sabri said settlement of trade disputes through litigation was a time consuming and costly process. Establishment of the centre will provide an opportunity to businessmen to seek an out-of-court and speedy settlement of disputes, he added. The chamber in collaboration with Implementation and Economic Reforms Unit (IERU) of the finance ministry signed another MoU with Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR) and Employees Old-Age Benefits Institution (EOBI) for establishment of a one-stop shop for registration of new companies and businesses. It will facilitate incorporation of new companies with SECP, obtaining national tax number from FBR and employer registration with EOBI under one roof. The ICCI president, EOBI Director General Syed Iqbal Haider Zaidi, SECP Director Mubasher Saeed Saddozai and FBR Secretary Zainul Abedin Sahi signed the MoU. ICCI president said the one-stop shop will enable traders and business to get registered with SECP, FBR and EOBI at one place. Deputy Secretary Fozia Abid and industrial policy adviser Umer Khalid of IERU said establishment of the two facilities will contribute positively in improving ranking of the country on ease of doing business benchmarks.


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