04-29-2010, 03:09 PM
Under Various provisions of CO,1984 and ITO,2001 Federal Govt. has empowered to make rules relating to corporate and tax matters as well as the regulators (FBR & CBR) have also some rights to form rules/regulation and issue orders (for reference see section 246 and 506 of CO,1984). Any amendment in law can only be made by Parliment as per constitution. Any amendment in law may be notified by a regulator through SRO but it does not mean that the amendment is made itself by SRO.
