Companies will have until April 1, 2024, instead of January 1, 2025, to file their annual returns, according to a new deadline set by the Corporate Affairs Commission (CAC).
On Thursday, December 28, 2023, the commission made this revelation in a statement. The extension was given, according to CAC, because of issues with the business’s registration portal (CRP) and out of consideration for the Micro, Small, and Medium-Scale Enterprises (MSME) industry.
In a recent circular, the CAC announced that 91,843 businesses will be delisted by the end of the month for failing to file their annual filings on the commission’s website.
However, the commission highlighted that the penalties are currently on hold for companies who fall within the bracket of the earlier deadline of January 1, 2023, given that the deadline for submission has been extended to April 1, 2024.
In addition, CAC urged companies to take advantage of the window provided by the extension to file their annual returns with the commission.
“Further to its earlier notice 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 Acts 2020 and the Companies Registrations 2021 against Companies and each of their Directors or Officers for failures to file annual returns, the Commission hereby extends the commencement date from 1st of January 2024 to 1st of April 2024.
“This extension has become necessary given the glitches presently experienced on the Company Registration Portal (CRP) and in deference to the appeals from the Micro, Small and Medium Enterprises (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 circular reads.
Meanwhile, CAC noted that the deadline does not affect those whose penalty proceedings commenced before the date when the first notice was released.
“The General Public should please note that this extension of time does not affect the striking-off proceedings commenced by the Commission before the publication of Thursday, 2nd of November 2023,” it added.
