Filing of Annual Returns: RGD tempers Penalty for Defaulters

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The Registrar General’s Department (RGD) in Ghana has cautioned against all business operators who fail to file their Annual Returns and updates by January 31, 2017 after adjusting the penalty for defaulting.

This warning according to the RGD is to companies and registered partnerships business operators.

The call which is the last opportunity given to business operators will attract a penalty of GHC 300 for each month instead of the daily rate initially to be charged companies or the partnership business operators fail to file their returns including statutory fees for which they are required to pay.

A press statement signed by Mrs. Jemima M. Oware, the acting Registrar-General a RGD further stated: “Owing to appeals from our stakeholders on the punitive nature of the penalty regime on Businesses in the Country, the Department has heeded to the plea of the Business Community and has per section 122(7) of the Companies Act, 1963, Act179 staggered the penalty payment to a flat penalty monthly rate instead of the daily rate from Wednesday 1st February, 2017.

It said sole proprietorship businesses must also renew their business names on or by January 31, 2017, or risk rending the names of the business inactive from the department’s database beginning February 1, 2017.

The statement cautioned: “when this happens, Sole Proprietors/ Business Names would not be able to make any changes or update any records on their Business Names in that inactive state.”

However, in order to be restored into the RGD’s electronic database, Sole Proprietors/Business Names would have to pay for the number of years they have not renewed up to date.”

Meanwhile the RGD is asking all business operators in the country to note that, the update of records is FREE apart from the fees to be paid for renewing the Businesses or filing of Annual Returns for the number of years in default and all payments by Businesses/ Companies, and Partnerships should be paid at the Department’s on-site Bank, Fidelity Bank Limited and NOT to any individual.

A lot more Businesses, Companies and Partnerships have not as yet filed their Annual Returns as well as updated their records into the current electronic database, e-Registrar.

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