FRC announces listed companies levy

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The Financial Reporting Council (FRC) has announced its levy on listed companies for 2006/07. The FRC confirmed its previous proposals that the levy rates per m of capitalisation for 2006/07 will be 10% lower than those which applied in 2005/06. The FRC's 2006/07 Plan & Budget sets out the major activities and projects which the FRC proposes to carry out in 2006/07. The FRC's core operating costs for accounting, auditing and corporate governance are funded in equal proportions by the government, the accountancy profession and by the levy on listed companies.

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