The Securities and Exchange Commission of Pakistan (SECP) on Wednesday reduced the rates of late filing fee of documents.
The reduction has been allowed in cases where management of companies have failed to file their annual returns with the registrar of companies, inadvertently, within the prescribed period ie, up to November 30, 2003 for private and unlisted companies and December 15, 2003 for listed companies whose financial year closed on June 30, 2003.
Previously, the companies were required to deposit three additional fees for late filing.
In order to provide incentive to the companies to regularise their defaults, the respective schedule of the fee has been amended and the companies filing annual returns on Form A or B, with the delay not exceeding 15 days, would be charged only one additional fee equal to the usual filing fee, a press release of the SECP issued here said.
Furthermore, the returns filed with a delay exceeding 15 days but less than 45 days would be charged two additional fees, whereas those filed with delay exceeding 45 days would be charged three additional fees.
This incentive has been provided under the Companies (Registration Offices) Regulations, 2003, to reduce the pecuniary burden on corporate entities while encouraging timely compliance with the statutory requirements.
The companies which failed to file the annual returns within the prescribed period may avail of the opportunity of filing of return within the allowed period of 90 days in case of listed companies and 75 days in case of other companies with less additional fee.