New law to cut firms’ late filing fines by €7.5m

Longer deadline for submitting annual tax returns will reduce pressure on companies, but halve income of Companies Registration Office

20th December, 2020
New law to cut firms’ late filing fines by €7.5m
Robert Troy, the Minister of State for Trade Promotion, signed the commencement order for the annual returns legislation last week. Pic: Rollingnews

A new law has come into force to reduce annual fines of €7.5 million for companies which are late filing their accounts.

Under the previous system, companies had to submit annual returns within 28 days of their filing date, then they had another 28 days to send in their financial statements.

Now they have been given 56 days in total to submit all the relevant documentation online, in a move aimed at reducing the number of late filings.

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