03/02/2021
Dear🇵🇬SME Owners
It becomes an expensive exercise when you do not lodge your company’s Annual Return on time and decide to do so after a while.
Here is an illustration of the above statement.
Annual Returns are lodged each year. The fee to lodge an Annual Return is K300 if you lodge it over the counters or K250 if you go online. If you miss a year of lodging your Returns, you are liable of a fine of K1,000. This means that when you’re lodging your late Returns manually, you will pay a total of K1,000 plus the normal lodgment fee of K300, or if you go online it would be K1,000 + K250.
For example, say your last Annual Return was lodged in 2012, and you wish to lodge them manually this year. Technically speaking, you will be lodging returns for 8 outstanding years. Therefore, your calculations will be; K1,000 x 8 + K300 x 8 = K10,400. 00.
Companies can get deregistered if they do not file their Annual Returns as late as 6 months. If the company in the above example is de-registered and wishes to apply for reinstatement then it will need to pay the K10,400 plus a K3,000 administrative fee.
The total payable for reinstatement would therefore be K13,400. 00. This excludes the costs of publishing the reinstatement notice in the media, which is a requirement of the reinstatement process
It’s better to spend money on things that will grow your business then paying fines for avoidable circumstances.
************************************************************************************
⚠️NOTE: Please share the post to educate our struggling local SME Owners out there. It will greatly help educate them. Knowledge has no value unless you use and share it. 👍
-------------------------------------------------------------------------------------------
