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Penalties for not submitting annual accounts

The Spanish Institute of Accounting and Auditing (ICAC), is starting to take action, in the form of penalties that range from €1,200 to €60,000, against companies and other entities registered at the Mercantile Registries which have not deposited, on time and form, its annual accounts and complementary documentation.

Following articles 279 and 283 of Capital Companies Law, it is established that the directors of a company have the obligation to submit, in the month following the approval of the company’s annual accounts, to the corresponding Mercantile Registry, the certification of the approval of such annual accounts by the board members of the company, duly signed, the consolidated accounts if applies, the management report if it was mandatory, and the auditor report when the company is subject to be audit or it was agreed this way.

If this obligation is not fulfilled the Institute of Accounting and Auditing will have the power to apply the mentioned penalties.

Should you have any doubts or questions do please contact us at any of our offices.