Pakistan (PK)

Jurisdiction Overview

IDQuestionAnswer
479 *LO Update: Is the update of legal ownership information mandatory for all partners? Not Applicable
 Data Date: 2016

Notes

 
According to the Global Forum, while changes in the information provided upon registration should be notified to the registrar (ss.60-63 Partnership Act), there is no specific deadline for notification on any change (GF 2016: 35). Furthermore, "There is no clear data to verify partnerships’ compliance with their obligations towards local registrars however compliance rate of less than 30% with tax filing obligations does not ensure that updated information on partnerships is available with the FBR [Federal Board of Revenue]. Ownership information on certain partnerships is available with financial institutions, if engaged by the partnership, or with partnerships themselves however the low tax compliance rate in combination with limited inspection of ownership information does not ensure that the information is available as required under the law in all cases" (ibid.: 37-38; [TJN's-note]).

Sources

GF 2016: 35-38