Bill: Proposed Reporting Clarification Amendment

[xXLordLyonXx]

Author: Lysander Lyon, MP
Sponsor: N/A
Type: Act of Parliament

A
BILL
TO
Adjust Limited Company Reporting Rules​

Preamble: The current reporting requirements do not set a proper deadline or explicitly allow fines for non-reporting.

1. Short Title
(a) This bill shall be referred to as the "Reporting Clarification Amendment".
(b) This bill was authored by Lysander Lyon.
(c) This bill amends the Business Reform Act

2. Amendment
(a) The following shall be added to Section 9 of the Business Reform Act:

(f) Limited companies are required to submit their reports for the preceding month by the end of the fifth calendar day of the following month.
(i) For example, January’s financial reports must be submitted no later than the end of the day on February 5th.
(g) Failure to submit the necessary financial report and the accompanying shareholder list shall result in a fine of $250 per day for each missing document, multiplied by the company’s reporting tier.
(i) This means that reporting tier 1 companies will pay $500 per day, tier 2 will pay $1,000 per day, and tier 3 will pay $1,500 per day, for failing to submit both documents; or $250 per day, $500 per day, and $750 per day, respectively, for failing to submit one of the two documents.
(h) The Minister of Economic Affairs may grant a grace period of up to one week past when a report is due, under exceptional circumstances, where no fines shall be incurred.

Enactment: This Act comes into force immediately upon passage.