On Jun. 14, PAK SEC launched scheme re filing of overdue returns.
PAK SEC launched regularization scheme for companies to file overdue annual returns.
Promote compliance and ease regulatory burden for firms to regularize filing defaults.
Regularization Scheme
Allow companies to file their overdue annual returns, documents, and accounts by simply paying regular filing fees; no additional charges, penalties, or late fees.
Applies to non-listed public firms, private firms, single member companies, foreign corporations, and non-profit organizations established under s. 42 of Companies act.
However, this regularization scheme is not applicable to listed companies.
The scheme covers defaults committed up to Oct. 28, 2023; firms are required to make physical filings so that returns for multiple years can be filed simultaneously.
Effectiveness
The regularization window will open from Jun. 15, 2024 to Sep. 15, 2024.
Sep. 2024 Scheme Extended
On Sep. 13, 2024, PAK SEC extended Companies Regularization Scheme until Oct. 15.
Only online submissions will be accepted in the 1-month extension period, promoting efficiency; firms can regularize status by paying regular filing fees without added costs.
