Companies have 3 more months to file returns - Registrar General’s Dep’t
- The Registrar-General's Department has advised companies whose financial years ended by December 31, 2020, to file annual returns latest by July 31, 2020
- The extension from the initial April 30, 2020, is not available to companies whose financial years end before June 30, 2020
- The extension was designed to provide a form of relief to companies as a result of COVID-19
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The Registrar-General’s Department (RGD) has announced an extension of the deadline for companies to file their annual tax returns.
For companies whose financial year ended by December 31, 2020, they now have until July 31, 2020, to file their returns.
This nullifies the previous deadline of April 30, 2020, given companies to do so.
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The RGD noted that the extension excludes companies whose financial years ended any time before June 30, 2020.
Per a report by Ghana Web, the rationale behind the extension was to give relief to companies due to the outbreak of the coronavirus.
The COVID-19 has compelled a number of companies to cancel their Annual General Meetings (AGMs) and opt for alternative means of presenting financial reports to shareholders, as well as other tasks to be carried out at AGMs.
The RGD’s statement went on to say that companies are “therefore expected to take advantage of the extended period to file their Annual Returns, as they would be required to pay an increased flat penalty rate of GHS 450 for noncompliance effective Monday, August 3, 2020.”
The statement went on to say that companies are required to pay for the number of years they have not renewed up to date in order to be in good standing.
YEN.com.gh earlier reported that Mobile telecommunications company, MTN Ghana, has announced a suspension of the payment of dividends to shareholders, which was scheduled for Monday, May 25, 2020.
The company also revealed that it has postponed its Annual General Meeting (AGM), which was scheduled for Wednesday, May 13, 2020.
YEN.com.gh understands that the company has tens of thousands of shareholders due to its Initial Public Offering in 2018. Read more:
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Source: YEN.com.gh
