CIPC returns

New CIPC Compliance Checklist Mandatory for Companies from 1 January 2020

On the 13th August 2019, the Companies and Intellectual Property Commissioner (“CIPC”) issued Notice 52 of 2019 announcing the introduction of a new requirement for companies to declare its compliance status in the form of a Compliance Checklist.

The Compliance Checklist requires that companies confirm their compliance with specific sections of the Companies Act, No.71 of 2008, as amended, (“the Companies Act”). The CIPC indicated that as from 1 January 2020, all companies would be required to file their Compliance Checklist prior to the submission of their CIPC annual return.

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High Court ruling: CIPC may impose a 10% turnover-penalty on companies failing to promptly lodge their annual financial statements

The CIPC won a High Court order empowering them to impose a 10% of annual revenue penalty on companies that fail to prepare their annual financial statements within 6 months of year-end. Failure to submit annual financial statements to the CIPC contravenes Act, 71 of 2008. Continuous non-compliance may lead to a formal investigation by [...]

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In-depth details on CIPC 10% turnover-penalty for failure to lodge annual financial statements

The CIPC won a High Court order empowering them to impose a 10% penalty of annual revenue on companies that fail to prepare annual financial statements (within 6 months of year-end). Failure to submit annual financial statements to CIPC contravenes Act, 71 of 2008. Continuous non-compliance may lead to a formal investigation by the CIPC. [...]

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XBRL from 1 July 2018 — Will the filing of CIPC annual returns and annual financial statements in the new XBRL format affect my company?

Author: Chris Wilson (FCIS), Managing Director, Kilgetty Statutory Services Introduction The Companies and Intellectual Property Commission (“CIPC”) has introduced a new way of lodging the Annual Financial Statements (“AFS”) which must accompany the Annual Returns of a company. At present CIPC receives all Annual Financial Statements in PDF format and physically analyses them on a [...]

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