The International Financial Services Centres Authority (IFSCA) on July 03, 2024, issued a circular regarding the Fee structure for the entities undertaking or intending to undertake permissible activities under IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024.
The following amendments/additions to the Circular of even number dated May 17, 2023, are as stated:
In Schedule 1 of the said Circular, an entry for various fees applicable for BATF Service Providers to be registered under the IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024, shall be inserted as sr. no. “L’’ immediately before the heading “CLARIFICATORY NOTES” as indicated in Annexure.
The following clarification for existing BATF Service providers under the IFSCA Ancillary Service Framework are as stated:
• The existing ancillary services providers, who are currently undertaking Bookkeeping, Accounting, Taxation or Financial Crime Compliance Services from IFSC and have communicated to IFSCA about their willingness to operate under BATF Regulations for the same activity, are not required to pay application fees for the same activity.
• Further, for the above-mentioned entities, applicable Annual Fees/Recurring Fees under the BATF regulation will be adjusted to the extent of fees already paid by the entity under the ancillary services framework from the date of submission of willingness.
The circular shall come into force with immediate effect.
[File No.865/IFSCA/Banking/Fee Revision/2022-23]
