MONEY MARKET

Failure to file annual returns: CAC extends time for full application of penalties to April 1,2024

Published by

The Corporate Affairs Commission (CAC) has extended the commencement date for application of penalties on companies for failure to file annual returns from 1st January 2024 to 1st April 2024.

This is further to its earlier notice published on Thursday, 2nd November 2023 informing the General Public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Act 2020 and the Companies Regulations 2021 against Companies and each of their Directors or Officers..

According to the CAC, this extension has become necessary in view of the glitches presently experienced on the Company Registration Portal (CRP) and in deference to appeals from the Micro, Small and Medium Enterprise (MSME) sector.

“All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the Commission.

“The General Public should please note that this publication/extension of time does not affect the striking-off proceedings commenced by the Commission prior to the publication of Thursday, 27 November 2023,” a notice from CAC read in part.

Furthermore, the commission said Companies, their Directors and Officers should note that the Commission shall henceforth proceed against Directors and Officers of struck-off Companies for recovery of undischarged penalties against them.

READ ALSO FROM NIGERIAN TRIBUNE 

Recent Posts

Awujale’s burial and Aso Rock’s graveyard politics

WHY should I bother myself with what is done to my body when I die?…

29 minutes ago

Electricity subsidy: Before we open another scam frontier

THE lead story of The Punch edition of Friday, July 18, was capable of raising…

59 minutes ago

Prisoner escapes by hiding inside luggage of released inmate

A young inmate recently escaped from a prison in Lyon, France, by taking advantage of…

1 hour ago

President Buhari: Didun ni iranti olododo

THE phrase in the headline is a Yoruba coinage that has been confused by many…

1 hour ago

55-year-old father elopes with his son’s 22-year-old lover

A 55-year-old father has eloped with the 22-year-old lover of one of his sons and…

2 hours ago

Three deaths: Gainers and losers

THE death of three prominent Nigerians happened in quick succession, setting tongues wagging. The first…

2 hours ago