Section 189
Annual and licence fees
of Labuan Financial Services and Securities Act 2010
ActIn forceProvision 188 of 201
Section 189
(1)
The Authority may prescribe such annual, licence or registration fees by regulations in respect of the activities of a licensed or registered entity or other activities under this Act.
(2)
Such fees as may be prescribed shall be payable on or before 15 January of every year following the year in which any consent, licence or registration is granted.
Act 704
(3)
An unpaid fees may be sued for by the Authority by action as a civil debt and in addition the Authority may require payment of a penalty for late payment up to an amount equivalent to twice the amount of the fees unpaid and costs of recovering the amount including but not limited to costs of legal proceedings.