The CIPC issued a media release on 31 May 2018. The media release refers to the High Court issuing court orders in favour of the CIPC to impose administrative fines on entities that ignored compliance notices for failure to comply with Section 30 of the Companies Act 71 of 2008, wherein every company is required to prepare its Annual Financial Statements within 6 months after the end of its financial year end, and to file the same AFS`s with the CIPC where applicable.
The court order states that administrative fines must be paid by each company in terms of Section 175, equal to 10% of their turnover for the period during which the companies were non-compliant.
Please read: CIPC Media Release 2 of 2018
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