CIPC Compliance Notice: 10% Penalty for late annual financial statements

CIPC Compliance Notice: 10% Penalty for late annual financial statements

Professionals need to take note of the CIPC MEDIA RELEASE 2 of 2018 – 31 May 2018.

CIPC has won a High Court order empowering them to penalise companies that fail to prepare annual financial statements within 6 months of year end. The penalty is 10% of annual revenue.

CIPC v Citiconnect 9503/18 confirmed CIPCs authority to issue administrative penalties for general non-compliance to the Companies Act, 2008. In addition, CIPC now requires companies to institute criminal and legal action against directors that caused financial statements to be misleading or falsify accounting records (CIPC v Steinhoff).

Due to the severity of the penalties involved and the potential wide scale non-compliance in the SME sector SA Accounting Academy has arranged an urgent webinar with CIPCs Corporate Disclosure Regulation and Compliance Unit.

Book your seat now to ensure you stay compliant and avoid penalties.

Date:              10 July 2018
Time:              09h00 – 11h00
Venue:            Webinar
Investment:    R399
CPD hours:    2

This webinar will provide clarity on:

  • Compliance provisions of the Companies Act, no. 71 of 2008.
  • Will the penalty (10% of Revenue) apply to all companies with late financial statements?
  • What to do if you receive a Compliance Notice from CIPC.