70. Fees

The Authority may prescribe fees in respect of any services provided by the Authority under this Act and in respect of any fee required to be prescribed under this Act.

A Labuan foundation shall pay such annual fee as may be prescribed, on or before each anniversary of the date of its registration.

If a Labuan foundation fails to pay the annual fee referred to in subsection (2) on or before the expiration of a period of six months from the annual fee payment date, there shall be payable in addition to the annual fee an amount equivalent to fifty percent of the annual fee.

Any fees collected by or paid to the Authority under this Act shall form part of and credited into the Fund established under section 29 of the Labuan Financial Services Authority Act 1996.