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Failure to file annual returns can lead to three significant consequences:

1. Late Filing Penalties: If you file your annual returns late, the law imposes automatic penalties.

The amount to pay as penalty each year of failure is ₦5,000 and other charges.

2. Legal Action: The Corporate Affairs Commission (CAC) may initiate legal proceedings against the company and its directors.

This can lead to court orders, injunctions, or even delisting/removing the name of the company from tbe CAC register/database.

3. Loss of Good Standing: Failure to file annual returns can result in the company losing its good standing status (becomes inactive). This can affect its reputation and business operations.

Remember, timely filing of annual returns is crucial to avoid these consequences.
Contact us at Countsystem, +234 808 314 4379 for all lll your CAC matters

Post Author: Chukwuemeka Ayogu

Chukwuemeka Ayogu is the founder and Lead Consultant at Countsystem, a service provider in accounting sector in Nigeria, bsiness systems and controller services. He is an Accountant Partner of Accounteer, a cloud based accounting software. He is an experienced service provider with diverse working experiences. He has worked in customer service at Regional Business Unit Nigerian Breweries Plc, Customer Service Representative at Diamond Bank Plc, Principal Partner at Prudential Auditors & Consultants, State manager at Chijgz Resources International and more.

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