Big sanctions if we do not submit a financial statement in the period to June 30th

The deadline for publication of the annual financial statements, the consolidated financial statements and the annual reports for the activity of all traders under the Commercial Act expires at the end of June. Until recently, joint stock companies could submit their documents until July 30th but with the newly adopted Accountancy Act, effective from 01.01.2016, the term was reduced by one month.
The team of Consulting House Velinov and partners informed you earlier this year that the new sanctions for the nonperformance of the obligation are not fixed but proportional – from 0,1 to 0,5 percent of the net incomes from sales for the reporting period which refers to the unpublished financial statement.

author: Vesela Velinova, attorney-at-law

Member of the “Velinov and partners” Consulting House

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