If you manage an enterprise within the meaning of the Accountancy Act, namely a company, foundation or other type of association that carried out activities in 2023, you are obliged to publish the Annual Financial Statements in the Commercial Register and the Register of Non-Profit Legal Entities.
The deadline for publishing the Annual Financial Statements for 2023 is September 30, 2024.
A state fee for publishing the Annual Financial Statements is not due.
The documents are submitted by a lawyer or by the accountant who prepared and signed the report through a power of attorney from the Manager. The power of attorney does NOT need to be notarized. The accountant’s power of attorney must be notarized.
What are the fines for not publishing the annual financial reports?
By October 31st, the Registry Agency sends the National Revenue Agency a list of enterprises that have not requested the publication of their annual financial statements.
The sanctions that are imposed are:
- for the responsible officials (managers) – a fine of 200 to 3000 leva;
- for the legal entity or sole trader – a sanction in the amount of 0.1 to 0.5 percent of the net sales revenue for the reporting period to which the unpublished financial statement relates, but not less than 200 leva.
In case of a repeated violation, the penalty is doubled.
When the financial statement is requested for publication on time, but is refused, a re-application may be submitted within 14 days. In this case, it is assumed that the financial statement has been submitted on time.