The Tax Agency imposes penalties of an amount between 1.200 € and up to a maximum of 60.000 € or 300.000 € for each year of delay, represent a new concern that should be taken very seriously by the managers of the Companies, who do not comply with the obligation of the deposit of the annual accounts in legally enforceable time limits.

While the possibility that companies were sanctioned for non-submission of annual accounts In the legally required period, it is not something new, but the new attitude of the Institute of Accounting and Auditing (ICAC), beginning to process various disciplinary proceedings against companies for that reason.

It should be borne in mind that at the end of each annuity the ICAC receives a list of companies that do not comply with the obligation to submit annual accounts in the legal deadlines, so it is easy to know which companies fail to comply with the legal obligation and are therefore sanctionable.

While there was quite lax with the issue of lack of deposit of the annual accounts registration-beyond the closure of the company so far if they exceeded certain limits temporary- a change of position as being carried out by the Institute of Accounting and Auditing (ICAC) and the high amount of penalties requires companies to take seriously this legal obligation and regularized if any non-compliance of previous years (in some cases several annuities) of that legal obligation.

And linked to this, those administrators who have left open in the Trade Register inactive companies, agree to bear in mind the possible threat to receive sanctions from the Institute of Accounting and Auditing (ICAC) if, as expected, are not depositing annual accounts of the same in the legally required deadlines.

If you want to know the obligations of inactive companies follow this link.

About the Author:

Marcos Jiménez de Parga

DiG Lawyers