Statutory Compliance
Statutory compliance refers to the process of ensuring that a company or an organization is following all the rules, regulations, and laws set by the government and relevant regulatory authorities. These laws and regulations can include tax laws, labor laws, environmental laws, and other applicable laws that govern business operations. Compliance is important because failure to comply can result in legal and financial consequences, such as penalties, fines, and legal action. It is the responsibility of a company or organization to ensure that they are in compliance with all relevant laws and regulations to avoid any negative consequences.
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