Corporate Affairs Commission to delist 100,000 companies over tax default
Corporate Affairs Commission (CAC) has disclosed of plans to remove 100,000 registered companies from its database.
Registrar-General and Chief Executive Officer, CAC, Alhaji Garba Abubakar, who said this during a training on ‘Use of the beneficial ownership register,’ which held in Lagos, added further that the move follows failure by the affected companies to file their annual return for ten years running.
“CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return,” Abubakar said.
However, Abubakar said the commission would send a notice to the affected companies before embarking on the action as required by section 692 of the CAMA, 2020.
He explained that the companies were entitled to be relisted after payment of their outstanding debts and order of a court, as provided by the law.
Abubakar advised companies to ensure timely payment of their annual returns to avoid being struck off.
