More than 17,500 companies registered under CESRA to date
Noting that to date more than 17,500 entities have successful completed their reporting obligations under the Commercial Entities (Substance Requirements) Act, 2018 (CESRA), Minister of State for Finance Senator Kwasi Thompson yesterday urged businesses to take advantage of the month-long grace period to become CESRA compliant.
Companies were in a frenzy last week, stating that the December 31, 2020 deadline to register under the new act had caught them off guard because their focus had been on mitigating the COVID-19 pandemic.
It led to a system crash of the government’s registration portal last week, as thousands attempted to register before the deadline.
Those that did not comply faced penalties up to $15,000, before the government on Sunday announced a grace period to January 31.
The Ministry of Finance said although nearly 18,000 businesses have already applied, thousands more still have not.
“The government understands the challenges faced by some entities in complying and has made the decision to suspend late penalties until January 31 for entities that meet their reporting obligations before the end of the month. This follows an extension to the deadline from September 2020 to December that was granted last year,” the Ministry of Finance noted in a statement yesterday.
“To facilitate the demand, the Department of Inland Revenue (DIR) has allocated dedicated staff to process requests in the reporting portal. While some businesses have experienced delays, DIR is working around the clock to process requests.”
Addressing the confusion, Thompson said, “Many businesses continue to make good faith efforts to comply with the new regulations. We all know that COVID-19 has been very disruptive and this is the first reporting cycle for the new regulations.
Noting that to date more than 17,500 entities have successful completed their reporting obligations under the Commercial Entities (Substance Requirements) Act, 2018 (CESRA), Minister of State for Finance Senator Kwasi Thompson yesterday urged businesses to take advantage of the month-long grace period to become CESRA compliant.
Companies were in a frenzy last week, stating that the December 31, 2020 deadline to register under the new act had caught them off guard because their focus had been on mitigating the COVID-19 pandemic.
It led to a system crash of the government’s registration portal last week, as thousands attempted to register before the deadline.
Those that did not comply faced penalties up to $15,000, before the government on Sunday announced a grace period to January 31.
The Ministry of Finance said although nearly 18,000 businesses have already applied, thousands more still have not.
“The government understands the challenges faced by some entities in complying and has made the decision to suspend late penalties until January 31 for entities that meet their reporting obligations before the end of the month. This follows an extension to the deadline from September 2020 to December that was granted last year,” the Ministry of Finance noted in a statement yesterday.
“To facilitate the demand, the Department of Inland Revenue (DIR) has allocated dedicated staff to process requests in the reporting portal. While some businesses have experienced delays, DIR is working around the clock to process requests.”
Addressing the confusion, Thompson said, “Many businesses continue to make good faith efforts to comply with the new regulations. We all know that COVID-19 has been very disruptive and this is the first reporting cycle for the new regulations.
Alberta wildfires force oil production shutdowns, even as cooler weather sets in
Banks tighten credit terms, see loan demand drop, Fed survey shows
Woman who sued over Subway tuna seeks to quit case, Subway demands sanctions
-
National5 years agoThere won’t be any virtual Junkanoo either, ministry says
-
National5 years agoHotel union says furlough should be last resort for Atlantis
-
National5 years agoFernander calls for stiffer penalties
-
Business5 years agoFarewell, penny
-
National5 years ago‘If you want a war, you can get a war’
-
Regional5 years agoSandals founder Gordon ‘Butch’ Stewart dies
-
Lifestyle8 years agoAccording to Dior Couture, this taboo fashion accessory is back
-
National4 years agoFamily mourns 18-year-old aspiring entrepreneur