| ANNUAL DUTY
FOR CLOSE CORPORATIONS
The obligation of close corporations to submit annual returns
was amended in the new section Section 15 A of
the Close Corporations Act and Section 16A of
the Close Corporations Administrative Regulations.
The new section 15 A, which came into operation
on 1 May 2008, provides that all close corporations
must lodge an annual return with the Registrar
of Companies (CIPRO).
The Registrar of Companies
( CIPRO ) has announced that all close corporations
are obliged to submit their Annual Returns with
effect from 1 May 2008 together with the following
prescibed fees, payable to the Registrar:
| Annual turnover less than R 50m |
R 100.00 |
| Annual turnover R 50m and above |
R 4 000.00 |
Section 15 A further requires
that this return must be lodged every year by
not later than the end of the month which follows
upon the month within which the anniversary date
of the close corporation’s incorporation
occurs. Since the Annual Return for close corporations
comes into effect as from 1 May 2008, this means
close corporations that were incorporated in May,
irrespective of the date and year, will have to
submit their Annual Return and pay the prescribed
fee, by no later than the end of June.
Close corporations will only
be allowed to lodge Annual Returns electronically.
CIPRO will not accept or receive paper documents.
Payment of the fees must be done via an electronic
banking system, facilitated through the CIPRO
website, preferably by using credit cards.
If the close corporation
fails to submit the Annual Return, a penalty of
R 150.00 will be levied and successive failures
will lead to deregistration of the close corporation.
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