The pandemic has enormously impacted the global economy and businesses. Running with the usual regulatory rules in conducting the strategic affairs of corporate organisations does not seem possible, as most organizations have been negatively affected.
Flowing from this, regulatory bodies have provided adjustments to the compliance obligations required from corporate organisations, that will be suitable to help sustain these organizations in this present times.
The Nigerian Stock Exchange for example have granted all dealing member firms, additional 60-days grace period for the submission of audited financial statement for the financial year 2019, which was previously slated for May 30, 2020 for Guidance on virtual board committee and management meetings for stakeholders.
The Securities and Exchange Commission also extended deadline for companies to file their 2019 full year and first quarter 2020 financial report by 60 days. Mergers and Acquisition filings can now be made electronically via email.
Furthermore, the Corporate Affairs Commission (CAC) sent out circular which state that subject to their approval, public companies can hold by proxy only AGM; wherein notice of meeting and proxy forms shall be sent to every member.
Currently, the ‘Emergency Economic Stimulus Bill 2020’ (the Bill) has been passed by the House of Representative. The Bill provides that employers registered in part A and B of CAMA (with the exception to oil companies) who retain the same employees from March 1, 2020 till December 31,2020 will enjoy a 50% income tax rebate on the total PAYE amount due or paid.
Although, this Bill is still pending before the Senate. The Federal Inland Revenue Service have also come up with certain development and leeway to accommodate corporate organisations in the present pandemic.
These regulator adjustments among others were extensively discussed at our recently held webinar on ‘Economic Crisis: Regulatory Compliance Challenges’ held on Thursday, May 14, 2020.
To access the resource material, slides and the recorded session, send an email to febiala@clds-ng.com