Corporate Affairs Commission Extends Annual Returns Filing Deadline to April 1, 2024

In a recent announcement, the Corporate Affairs Commission (CAC) has granted an extension for companies to submit their annual returns, revising the deadline from January 1, 2024, to April 1, 2024. The statement, disclosed on the official X (formerly Twitter) handle of the commission on Thursday, December 28, 2023, highlighted the need for this extension.

This decision comes on the heels of the CAC’s earlier warning in November, where it had indicated its intention to delist 91,843 companies from its register for failing to file annual returns. The commission had initially published the names of these companies for delisting, representing a decrease of 2,738 from the initial list of 94,581 names published in August.

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The new statement from the CAC cited glitches on the company’s registration portal and a show of deference to the Micro, Small, and Medium Scale Enterprises (MSMEs) sector as the reasons behind the extension. The commission emphasized that penalties are currently on hold for companies falling within the earlier deadline bracket of January 1, 2023, due to the extended submission deadline until April 1, 2024.

This development provides a grace period for companies to rectify their annual returns filing and avoid the risk of being delisted. It also underscores the CAC’s commitment to addressing technical issues and supporting the MSMEs sector during these challenging times.

For more details on the extension and its implications, you can access the official statement on the CAC’s X handle. Stay informed and ensure compliance with the revised timeline to safeguard your company’s standing.

Source: PUNCH

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