Busy „closing“ period accompanied by failure of electronic tax system has passed. Beside the news in tax area, other changes, resulting from Amendment to the Act on Accountancy, are waiting for the entrepreneurs. The way of publishing financial statements will be a significant change. Currently, the financial statements are submitted into the Collection of Deeds that is a part of the Company Register. Financial statements executed on 31.12.2012 and on later date shall be published in the so called Registrar of financial statements.
Registrar of financial statements
Such Registrar has been created by the Ministry of Finance of the Slovak Republic and represents data system of public administration. It is formed by public and non-public section. Financial statements, auditor´s and annual reports shall be submitted into the Registrar in electronic or paper form, whereas the details are specified in the Act. For example a company being the VAT payer, shall be subject to the duty to publish its financial reports electronically. The same shall apply on attorney and tax advisor representing his client in tax administration.
Period for submission
Period for submission of financial statements is 6 months after its assembly. In case the respective body fails to approve financial statements within the 6 months period, such non-approved statements shall be submitted into the Registrar. Date of its approval shall be announced to the Registrar administrator additionally (within 5 business days after its approval at the very latest).
Submission of financial statements
Financial reports in paper form shall be delivered to a competent tax authority according to venue. Electronic submission of documents shall run via electronic registry – detailed steps shall be published on the web site of the administrator.
Failure to fulfil a duty
If entrepreneur does not meet its duty and fails to submit financial reports into the Registrar, there is a risk of penalty. Tax authority shall impose a fine up to 2% from total value of entrepreneur´s assets, however up to maximum of 1 million of Euro.
Public section of the Registrar will be available to anyone and after settlement of a particular administrative fee it will be possible to make copies of submitted financial statements.
We will come back to you with more details regarding submission of financial statements into the Registrar in time!