Stocks Observer. com

The Securities and Exchange Commission of Pakistan has proposed certain amendments to the 2003 Companies (Registration Offices) Regulations,  whereby a substantial reduction in the additional fees for late submission of statutory returns, annual accounts and other documents filed by the companies has been proposed.  As per current regulations, on late filing of documents, heavy additional fee is being charged which might be a reason for non-compliance and low rate of filing of overdue statutory returns by companies. Through this amendment, SECP has proposed to reduce the burden of additional fee to be paid by companies. This is likely to increase compliance rate. Additional fees which are required to be paid as one time additional fee for a delay of not more than 15 days, two times for a delay of not more than 45 days and three times for delay of more than 45 days, shall now be paid as one fourth times for a delay not more than one month, one half times for a delay not more th