The Minister of Economy Nadia Calviño is preparing a legal reform to improve the resources for the monitoring and eventual sanctioning of companies that do not file their Annual Accounts with the Commercial Registry. The solutions envisaged to repress this type of behavior are framed in the following two ways:
- Reforming the body entrusted with this task. The Institute of Accounting and Auditing of Accounts (ICAC).
- To also involve new actors in this battle, such as the Tax Agency or the Association of Mercantile Registrars.
It is foreseen that failure to comply with the legal obligation to file accounts will result in fines of between 1,200 euros and 60,000 euros for SMEs, and up to 300,000 euros for companies invoicing more than 6 million euros a year.
We can help you to bring this important obligation up to date.