IPA extends relief period

The National Business

THE Investment Promotion Authority (IPA)has extended the relief period on the payment of penalty fees for companies with late or outstanding annual returns.
The registrar informed company directors and stakeholders that the earlier notice that granted relief from paying a penalty fee on late annual returns until June 30 in response to the Covid-19 state of emergency, (SOE) had been extended to Dec 31.
It stated that companies would continue to be relieved from requirements under Sections 101 (1) and 179 (1) of the Companies Act 1997 until the end of the year which would include the following:

  • No application for extension of time is required despite Sec 101(3) even if the holding of annual meetings is extended beyond the prescribed six months; and,
  • No application for extension of time is required despite Sec 179(2) even if the time for preparation of audited financial statements is extended.