More than nearly 1.3 million companies have renewed their registration, taking benefit of the concession provision announced by the government.
The number of companies renewing has increased with the government providing concession in the renewal fees to the companies that had not renewed for long. Finance Minister Janardan Sharma had, through the Budget Replacement Bill 2021, announced that the companies could apply for renewal till January 14, 2022 by paying 5 percent of the penalty.
The government had announced to write off the remaining charges and fine if the companies not renewing and submitting their annual particulars till the fiscal year 2018/19 deposited the particulars and 5 percent amount of the fees and fines until January 14, 2022. The government had provided this concession in accordance with the Company Act, 2063 BS and the Private Registration Act, 2014 BS, the Company Registrar's Office stated.
Registrar at the office, Pradeep Raj Adhikari, said that the companies registered in 2020 BS have come for renewal in discount offer.
He shared that a remarkable number of companies have come for renewal after the government in its budget offered discount to renew company. Around 150 applications are filed on a daily basis for the registration of new companies as well as for renewal in recent period.
A crowd gathers at the Office of the Company Registrar to update the details of industries in recent days. Those who have not updated their details on time due to various reasons are encouraged to update after they get discount.
Increase in industries’ registration
The industries’ registration and renewal have soared compared to the last year with the implementation of the discount provision. Till the mid-October (end of Asoj of the current fiscal year) 9,794 companies have been registered and this number was 7,526 in the corresponding period last year.
According to the Office, the number of those registering (new) industries has increased by 30 percent compared to the last year. The office’s revenue collection from the registration and renewal until mid-October exceeds Rs 349 million. The collection is around double than of the previous year when just five percent was charged by giving 95 percent discount.
Source: National News Agency Nepal