Changes to Spanish legislation regarding filing of annual accounts

Recently, changes have been made to Spanish legislation which supervises compliance with the filing of annual accounts at the Registro Mercantil.

The filing of the annual accounts is mandatory in Spain, but up to now, in practice, no fines have been imposed for non-compliance with this obligation.

However, based on our experience, we expect the recent changes to be a precursor to a tightening of controls and a more active penalty policy.

For this reason, we advise our clients to avoid as much as possible delays in the approval and signing of their financial statements in order to enable us to file them on time.

What are the obligations?

The annual accounts must be filed within 7 months after the end of the financial year.

If this does not happen, the Registro Mercantil has the power to impose a fine which will be based on the balance sheet total and turnover and will be at least € 1,200 per year. This can rise to    € 60,000 for SMEs and even up to € 300,000 for companies with a turnover of more than € 6 million.

If it also turns out that no corporate income tax return has been presented, the fine can be further increased. 


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