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01 January, 2016 09:05 AM Source: Financial Times - Sri Lanka
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The Department of Registrar of Companies was swamped by people yesterday attempting to comply ahead of 2016 Budget proposals coming in to force.

In presenting the 2016 Budget, Finance Minister Ravi Karunanayake had said “It has been noted that most of the registered companies are not functioning.”

In order to make such companies activated, Finance Minister proposed every company registered with the Registrar of Companies will be subject to an Annual License fee payable to the Registrar of Companies on the basis of Private companies : Rs. 60,000; Public Quoted Companies : Rs. 500,000; and Other : Rs. 100,000.

Non functioning companies are also to be liable to the annual registration fee.

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