Regulatory Alerts2015-06-23 | Finance Business Act Rule No. 1 of 2015Finance Companies (Annual Licence Fees) Rule No.1 of 2015
The Monetary Board of the Central Bank of Sri Lanka issued Rule No.1 of 2015 to establish annual licence fees for finance companies licensed under the Finance Business Act, No. 42 of 2011. The regulation mandates that fees be paid by January 31st based on total assets, ranging from Rs. 1,000,000 for assets up to Rs. 5 billion to Rs. 3,000,000 for assets over Rs. 20 billion. Non-payment by February 28th triggers licence cancellation, while late payments incur a Rs. 500,000 penalty that must be disclosed in audited financial statements.
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