By the adopted in the end of last year Accountancy Act, effective from 01.01.2016, the legislature changed again the deadline for the publication of the financial statements in the Commercial Register at the Registry Agency. The change affects mostly the joint stock companies which are already obliged to submit their documents a month earlier. According to the new Аrt. 38 all traders within the meaning of the Commercial Act are obliged to publish their annual financial statement, the consolidated financial statement and the annual reports on the activity of the company no later than June 30th. In the repealed Act the term for the joint stock companies was until July 30th.
There is a change in the sanction in case of nonperformance of the obligation for announcement of the financial statements. Until recently the punishment was a fine or a pecuniary penalty in firm size. According to the new law, the fine for natural persons remains fixed – from 200 levs to 3000 levs but for the companies there is a sanction in the amount from 0,1 to 0,5 percent of the net incomes of sales for the reporting period to which refers the unpublished financial statement but not less than 200 levs.
author: Vesela Velinova, attorney-at-law
Member of “Velinov and partner” Consulting House