Tuesday, April 23, 2024

Waiver of penalties for late filing of annual returns


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The Ministry of Finance, Economic Affairs and Investment has granted an extension of a waiver of the penalties imposed for the late filing of Annual Returns to April 30, 2019.

For domestic companies, the waiver is for the years 2015, 2016, 2017 and 2018. However, the waiver for external companies will apply to the period January 1, 2016 to December 31, 2018.

According to the Ministry, approval of the waiver will be granted on the condition that a company that has benefited from the waiver during the period will not be eligible for consideration again.

In addition, outstanding returns should be filed with the Registrar of Companies no later than April 30, 2019. Failing to comply will result in the waived penalties becoming payable forthwith to the Registrar of Companies.

The Ministry has also advised that after April 30, 2019, there would be strict enforcement of penalties by the Registrar of Companies on companies that fail to regularise their affairs. (BGIS)

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