Govt. extends annual license fee payment deadline for companies

Wednesday, 6 April 2016 01:02 - - {{hitsCtrl.values.hits}}

In a new move the Government has granted time till June 30th this year for companies to comply with the new annual license levy structure proposed by the coalition budget in November last year that was in effect from 1st of January.

Private companies are slated to make a payment of Rs. 60,000 whilst public quoted companies have been imposed a tax charge of Rs. 500,000.

Foreign companies (branch offices) and other companies have been billed a tax of Rs. 100,000 meanwhile the foregoing license fee is not applicable to companies limited by guarantee, offshore companies and liaison offices of foreign companies.

The pertinent levy in the event of a voluntary liquidation of an incorporated company is Rs. 50,000 however it will not be charged against a newly incorporated company for the year in which it was incorporated. (SD)