Regulatory Alerts2019-01-01
Communique No. 1 of 2019 - Keeping of Accounting Records by International Business Companies
The Registrar of International Business Companies has launched a testing program under Section 174 of the IBC Act requiring international business companies to maintain and provide accessible accounting records. A randomly selected sample of licensees will be individually notified to make these records available at their Registered Office within a prescribed timeframe upon request. This initiative ensures compliance with domestic legislation and aligns with OECD recommendations for competent authorities to access accounting information when needed.
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