Sanction for not submitting the financial statements with terms
For several months the Tax Agency is starting to sanction those companies that have not submitted their annual accounts with the Commercial Register within the legally prescribed period of one month from the conclusion of the general board meeting, which is usually done in the months of May and June.
Who is the responsible of the sanctioning competence?
The sanctioning competence lies with the Institute of Accounting and Auditing (ICAC). This sanction is typified in article 283 of the Capital Companies Act , but to date, as we may know, it has not been applied in excess. However now, according to sources of the General Council of Economists, it is happening a considerable increase of these sanctions.
We should remember that at the end of each year, the ICAC receives a list of all companies that have not filed their accounts.
Amounts of the penalty
The amounts of the penalties range from 1,200 to 60,000 €, modulated according to the criteria of ICAC as follows:
The penalty for filing the annual accounts later, will be 0.5 ‰ of the total amount of the assets, plus 0.5 ‰ of the turnover of the entity, according to the latest financial statement filed before the Tax Administration, the original of which has to be presented to the ICAC.
In the alternative – if the statement of the last corporate tax is not provided – the sanction is quantified in 2% of the share capital according to the evidence in the Commercial Register.
If the tax declaration is provided, and the penalty resulting from applying the above percentages to the sum of the asset and sales was bigger than 2% of capital, it will be applied the last one reduced by 10%.
Do not leave for tomorrow what you have to do today
The deadlines for submission of documents to the Commercial Registry must be taken seriously, since the breach of these obligations may entail a very serious economic damage depending on the volume of the company.