Expected Fines for Companies Which Fail to Publish Their Financial Reports by the 30th of June 2016

The deadline for submission of the financial statements for 2015 is 30^th of June 2016. It is important to be noted, that this obligations is concerning all Bulgarian companies, including the dormant ones.

The Trade Register will report to the National Revenue Agency for companies which didn’t publish their financial reports in the statutory defined deadline.

After the 30^th of June, the Trade Register will provide the National Revenue Agency with exhaustive lists of the companies which failed to fulfill this obligation in the statutory defined term. All these companies will be subject to penalties at the amount from 200 to 3000 BGN /approximately from 100 to 1500 EUR/. In addition the company will be sanctioned with a fine from 0.1% to 0.5% from the net income from sales for the year, for which the financial report is related, but not less than 200 BGN /100 EUR/. In case of a repeated violation of this piece of legislation, the fine and the sanction will be at a double amount.