|485||Title:||Mandatory Provident Fund Schemes Ordinance||Gazette Number:||L.N. 70 of 1999|
|Section:||22B||Heading:||Annual registration fee to be paid to the Authority||Version Date:||03/08/1999|
(1) The approved trustee of a registered scheme must pay to the Authority an annual registration fee in respect of the scheme not later than the date on which the annual statement relating to the scheme is required to be lodged with the Authority under section 22A.
(2) The annual registration fee is to be an amount prescribed by the regulations and may be determined by reference to the current value of the assets of a registered scheme. However, the amount must not be fixed at a level that exceeds that which will enable the Authority to recover the costs incurred, or likely to be incurred, in exercising and performing its functions with respect to registered schemes.
(3) The amounts likely to be received by the Authority from other fees payable to it under this Ordinance are to be taken into account when fixing the level of the annual registration fee.
(4) The amount at which the annual registration fee may be fixed is not to be affected by the fact that, in exercising or performing a function for or in relation to a particular person, the fee payable to the Authority by the person may exceed the actual cost to the Authority of exercising or performing the function.
(5) The Authority may, by proceedings brought in a court of competent jurisdiction, recover from the approved trustee of a registered scheme as a debt an annual registration fee that is not paid on time.