CIPC COMPLIANCE CHECKLIST DITCHED FOR SMALL COMPANIES

 
After many concerns raised by the accounting profession on the CIPC Compliance Checklist when submitting Annual Returns, the Companies and Intellectual Property Commission (CIPC) has issued a notice abolishing the checklist for smaller businesses.
During 2019 the CIPC announced that as from 1 January 2020 a new “Compliance Checklist” becomes mandatory for all companies to complete before submitting their Annual Return. Accounting professionals including SAICA and SAIPA, raised concerns about the checklist as per our article written earlier here.
The CIPC has now officially confirmed this by way of Notice 9 of 2020. According to the notice, as from the 5th of March 2020, if a company’s annual financial statements are NOT Audited or Independently Reviewed, they will NOT be required to complete the Compliance Checklist.
If the company’s annual financial statements are Audited or Independently Reviewed, it is still compulsory for those companies to complete the compliance checklist. For more insight on the classification of annual financial statements see our article here.
A dedicated email address ([email protected]) has been created to raise concerns around the mandatory checklist by CIPC.