CIPC – Tackling iXBRL Annual Returns Filing Challenges amid COVID 19 Lockdown
The entire world is fighting the invisible enemy, Coronavirus, and every single individual is taking due measures to stay safe and strong in the wake of this global pandemic.
In South Africa, too, governmental agencies, businesses, & the people, are taking steps to cope with the COVID 19 as the stress of the crisis deepens and extends to the financial and economic health of the country.
Under the department of trade and industry, the CIPC has taken a proactive approach to guide the businesses towards better operability during this crisis.
We address the crucial questions of businesses regarding annual returns filing and financial statements at this time and what CIPC has done to ease out the current as well as future strain on them.
1. Are CIPC offices closed?
Yes, after a nationwide lockdown announced by the President, the CIPC closed its gates for the public starting from March 25, 2020, until April 30, 2020.
This time period is regarded as dies non (a period or the day that cannot be treated as employee’s day spent on duty for any purposes) in regard to the stated acts.
2. I am unable to file annual returns and financial statements due to the COVID 19 situation. What should I do?
The annual returns filing period for the year like previous years was from March 25, 2020, to April 15, 2020. It is now extended until April 30, 2020.
3. What if we are unable to file the annual returns by the extended timeline?
As of now, the CIPC’s latest mandate requires you to file your AR and FS within the extended filing period. In case you do not comply, the norms of the regular prescribed filing period will be applied that may result in deferred penalties, compliance checklist and preparation of annual financial statements accordingly.
4. How can we reach CIPC for AR filing and other requirements?
CIPC has notified that from April 1, 2020, only the fully automated services shall be in effect with dedicated channels.
Below is the list of automated services that you can access online:
|Annual Returns including Annual Financial Statements or Financial Accountability Supplement||E-services|
|Short Standard Private Company WITHOUT NAME||BizPortal|
|Enterprise Search||E-Services, BizPortal|
|Company and Close Corporation Financial Year End Changes||E-Service|
|Company and Close Corporation Address Changes||E-Services|
|Company Name Changes||E-Services|
|BB-BEE Certificate||E-Services, BizPortal|
|Domain Name Registration||E-Services|
5. Will my company be de-registered for non-compliance with Annual Returns?
No, CIPC has issued that until further notice, it shall not take any deregistration action for companies and close corporations that are non-compliant with AR filing. In fact, CIPC is also holding up the final deregistration of the companies currently in the deregistration process.
In this wave of uncertainty caused by COVID 19, people may find themselves overwhelmed, especially regarding the future of their businesses. We want you to know that all the employees at DataTracks have come together, in spirit, to help you sail through the difficult time by being your counsel and support. In case you need any help, you have our full support and cooperation. We are just an email away. Email us at firstname.lastname@example.org.