The Corporate Affairs Commission (CAC) has decided to extend the deadline for companies to submit their annual returns.
Originally set for January 1, 2024, the new timeline grants companies an additional three months, pushing the deadline to April 1, 2024.
This announcement comes after the CAC’s earlier revelation in November, where it disclosed plans to delist 91,843 companies for failing to file their annual returns.
The commission had published the names of these companies on its website, signaling a strict enforcement of penalties as per the Companies and Allied Matters Acts 2020 and the Companies Registrations 2021.
However, the CAC acknowledged the presence of glitches on its company registration portal, citing this as a primary reason for the extension.
Also, the commission expressed consideration for the Micro, Small, and Medium Scale Enterprises (MSMEs) sector, recognizing the unique challenges it faces.
The statement released by the CAC clarified that penalties for companies falling within the initial deadline of January 1, 2023, are currently on hold due to the extension.
With the new deadline of April 1, 2024, companies are urged to leverage this window of opportunity to ensure compliance with the submission of their annual returns.
“Further to its earlier notice on Thursday, November 2, 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,” the statement read.
While assuring companies of the extension, the CAC emphasized that the deadline extension does not affect those whose penalty proceedings commenced before the release of the first notice.
The move is seen as a pragmatic response to the current challenges faced by businesses and aims to facilitate smoother compliance with regulatory requirements.
