Notice regarding waiver of fines on renewal of Private firm and Company pursuant to Section 24 of Fiscal Act, 2079

The Office of Company Register (“OCR”) has published the notice on waiver of fines on renewal of private firm and update of company in reference to the decision made on 2079/02/25 pursuant to Section 24 of Fiscal Act, 2079. The major highlight of the notice is that any firm which has not renewed and any company which fails to submit its annual compliance related documents up to financial year 2076/077 can renew a firm and update a company by paying 5% out of the total occurred fine.

The final deadline to submit the documents for renewal of the firm and company update is end of Poush, 2079 (14^th January 2022). By the issuance of the notice, now the OCR can formally implement a waiver provision introduce by Section 24 of the Finance Act, 2022. Also, this notice waives 95% of the total fine due to historical non compliances of any private firm and a company.

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