CIPC Annual Returns
We have been informed by CIPC that SMEs who do not prepare their annual financial statements within six (6) months of year-end will face a 10% penalty on revenue. This is the result of a recent High Court order (CIPC v Citi connect 9503/18) that confirmed the CIP's authority to issue administrative penalties for general non-compliance to the Companies ACT, 2008.
Section 28,29 and 30 of the Companies Act, 2008 requirrs that you prepare financial statements with six (6) months of the year end and submit the company's Annual Returns. Therefore all companies with financial year end 28 february must submit their financials by 31 August 2018 to CIPC. It is against this background that, we beseech you to engage our office especially your designated consultant to ensure compliance and avoid fruitless and wasteful and avoidable penalties.
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