Alert! Failure to file Annual Return on time leads to an administrative fine.

Alert! Failure to file Annual Return on time leads to an administrative fine.

Following a change in Company Law that took place in March 2019, the non timely submission of the annual return will lead to an automatic fine.

The annual return is a standardised document that is filed every year for every company in the Registrar of Companies accompanied by the financial statements of the previous year.

So the annual return of 2019 must be accompanied with the financial statements of 2018.

According to the new state of affairs if an annual return is not filed on time then as from the end of January 2020, late submission of annual returns for 2019 will be subject to the following fines:

• fifty euros (€50) once off,
• one euro (€1) per each overdue day during the first six (6) months, which increases to two euros (€2) per each day with maximum five hundred euros (€500)

Therefore please contact your accountants and auditors and make sure that the financial statements of your company for 2018 are prepared on time to avoid penalties.