Parliament will debate and vote on the Companies Amendment Bill this Thursday where organisations which are limited by guarantee and is of charity must disclose their annual accounts.
Attorney General, Aiyaz Sayed-Khaiyum says at the moment under the Charitable Trust Act any organisation set up for charitable purposes do not have to provide any annual accounts.
Sayed-Khaiyum says they had amended the Charitable Trust Act in 2013 where these organisations had to submit their annual accounts but the Registrar of Titles has not been very vigilant in enforcing that particular aspect of the law.
He says the reason for the amendment is that when the Act was initially introduced in 2013, lots of non-government organisations and charitable organisations registered themselves as companies and no longer provided annual reports.
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