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CIPC advises on regulatory compliance during National Lockdown
- 14 July 2020
- Accounting
- South African Accounting Academy
The Companies and Intellectual Property Commission would like to advise customers that the National Lockdown regardless of lockdown level will continue to impact Companies and Close Corporations in terms of some of the Regulatory Requirements prescribed in terms of the Companies Act, Act 71 of 2008 as amended, viz
1. Preparation of Annual Financial Statements (AFS) within 6 months
2. Filing of latest available set of Annual Financial Statements using iXBRL
3. Filing of a Compliance Checklist as published with the relevant guidance notes
4. Filing of Financial Accountability Supplements (FAS)
CIPC in its Notice, Notice 21 of 2020 published on 15 April 2020, communicated that “Filings which falls within the national lockdown period, would be extended until after the national lockdown ceases or until CIPC communicates otherwise“. The National Lockdown is still in force, this has the effect that the extension of the filing periods will continue to be in place with regards to the compliance checklist, preparation and filing of annual financial statements, filing of financial accountability supplements as listed above.
CIPC will not issue any Compliance Notices, if the non-compliance can be attributed to the constraints and limitations posed by COVID19-SA. However, all entities are reminded to file their “latest” sets of available Annual Financial Statements or FAS’s as a way of complying with Section 33 of the Act read with Companies Regulation 30(2). By filing the “latest” set of AFS or FAS, when filing Annual Returns within the prescribed period will not result in any penalties. Any AR filing outside of the prescribed period will result in a penalty being incurred and such will not be credited by CIPC back to the customer who is filing the Annual Return.
The platforms for filing of the AFS; FAS and the Compliance Checklist, are available online on CIPC e-Services.
Click here to download Notice 34 of 2020.