The Financial Reporting Council (FRC) has published its proposals for its business levy for the 2007/08 period, including a minimum levy payable by all companies.
From 2008 the FRC is to take on responsibility for collecting the UK contribution to the International Accounting Standards Board (IASB). Under the new arrangements, all listed companies will pay a contribution averaging £550.
The FRC levy will also be extended to overseas companies with a secondary listing in the UK, "to reflect the FRC's additional responsibilities arising from the EU's Auditing and Transparency Directives.
An increase of £40 to the minimum levy has been proposed, as has a ten per cent increase in the market capitalisation based rates compared with 2006/07. The FRC claims that the maximum fee payable by a company is around £18,600.
'Good value for companies'
FRC chief executive Paul Boyle commented: "We are shaping and implementing UK, EU and international requirements in relation to corporate reporting and governance in ways that contribute to confidence and are sensitive to the risk of imposing unnecessary burdens. We believe that our activities represent good value for companies operating in the UK.
"We regard our proposal to recover the cost of the UK contribution to the IASB as fair and cost-effective."
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