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Who Need to file AFS with CIPC in iXBRL format?
All entities—be they companies, closed corporations, publicly or privately listed organizations, or non-profits with a PI Score exceeding 350—must submit their AFS in iXBRL format to the CIPC. The same mandate applies to companies conducting internal audits with a PI Score above 100, cooperatives boasting an annual turnover greater than 10 million Rands, and any organization that has specified in its Memorandum of Incorporation (MOI) an intent to file their AFS using iXBRL.
Who is the trusted CIPC iXBRL Convertors in the South Africa?
DataTracks the trusted CIPC iXBRL conversion specialist in South Africa can convert your annual financial statements into iXBRL format with 100% error free reports within 3 to 7 days of turnaround time.
Why should you outsource iXBRL Conversion & Tagging Service with DataTracks?
Outsourcing iXBRL Conversion & Tagging to DataTracks brings unparalleled expertise with a global track record of over 23,400 clients and 348,000 reports, assuring you of our proven reliability. Outsourcing iXBRL preparation will drastically help you to reduce your resource overhead. Our commitment to accuracy ensures 100% error-free conversions at a cost-effective rate, simplifying compliance for your business.
When is the deadline for filing annual returns with CIPC in iXBRL format?
Entities are required to submit their annual returns to CIPC within 30 business days after the year-end, with the exception of Close Corporations, which have 60 business days for the submission of their annual financial statements. The submission should include the latest final approved audited or independently reviewed annual financial statements, and both the annual returns and financial statements must be filed on the same day.
What are the consequences of not submitting CIPC Annual Returns?
Failure to submit Annual Financial Statements (AFS) leads to an investigation, followed by a compliance notice with a specified deadline. Non-compliance may result in fines or formal prosecution. Additionally, not submitting CIPC Annual Returns may lead to entity de-registration and the imposition of penalties.