All about CIPC filing of AFS in iXBRL | Know when should you file AFS in iXBRL to CIPC and what is the penalty for late filing. Need XBRL service? Try us.

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When to file iXBRL?

Timelines for iXBRL filing with CIPC why file in iXBRL

By when should you file annual returns with CIPC?

As per the current Act, entities must file their annual returns with CIPC 30 business days after the year end, except when an entity is a Close Corporation, which have 60 business days after year end to submit their annual financial statements.

Entities need to submit their latest final approved audited or independently reviewed annual financial statements together with their Annual Returns, on the same day as their annual returns.

The first date of submissions via XBRL, will be the first date of submission that falls on or after 1 July 2018, irrespective of the year of their latest final approved audited or independently reviewed annual financial statements.

What are the risks of failure to submit the CIPC Annual Returns?

Non-compliance of entities that contravene the laws in terms of Section 175 of the Act, will be subjected to the following:

  • Failure to submit AFS – An investigation will be conducted. After investigation a compliance notice will be issued mentioning a deadline date to comply with. Further failure to comply with the deadline date will result in a fine which may be issued, or formal prosecution may be investigated.
  • Failure to submit the CIPC Annual Returns – The de-registration of the entity and penalties may apply.