IPA: Firms failing to file returns

By JACKLYN SIRIAS
THE Investment Promotion Authority (IPA) is disappointed with companies which fail to meet the deadlines for the submission of annual returns.
Acting managing director Clarence Hoot, pictured, said they had put out a notice early this year for companies to submit their returns by July 20 to take advantage of the waivered penalty fees online.
“It is an exercise that is going well but our disappointment is that we have given enough time to companies and a lot of them still coming back and asking us to extend the waiver which we cannot do,” Hoot said.
The submission of returns was to be done in preparation for the deregistration exercise planned for the end of the year.
“It is an incentive for companies to comply and upgrade their records before the actual deregistration exercise begins,” Hoot said.
“That is when the automotive compliance programme is switched on.”
He said once that was done, any company having a one year outstanding return would automatically be deregistered from the system. It will cost more to renew the process.
Acting registrar of companies Harnet Kokiua said more than 1000 companies had responded to the notice but not many had complied.
Kokiua told The National that only five per cent of the companies which responded had actually complied.
Koikua said more than 10,000 companies owed IPA a good amount.
The total amount, which she did not specify, depends on the number of years that they failed to file their annual returns.