The Finance Act 2022 provides exemption on renewal fees

“The Finance Act 2022 provides exemption on renewal fees of the private firm registered as per private Firm Registration Act 2014 and of a company registered as per Companies Act 2063. As per the Finance Act any firm which has not renewed up to  financial year 2076/77 and any company which has not submitted its annual compliance related documents up to financial year 2076/77 are exempted from the payment  of 95% fines of delay renewal of the firm or delay submission of the annual compliance related documents. This provision allows any firm to be renewed and any company to be updated by only paying 5% of total incurred fine. The deadline for the renewal of the firm and submission of annual compliance related documents will be end of Poush 2079 i.e. 14^th of January 2023″

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