Czech Republic: corporations and financial statement

Alessandro PasutCorporations not only have the obligation to file an income tax return but at the end of the accounting period they have also to compile an annual report and financial statement, and deposit these documents in the Collection of Documents of the Commercial Register. However, this duty is regularly breached.

A penalty can be applied for failure to deposit documents. Up to 31 December 2013 a court of registration could repeatedly impose a fine of up to CZK 20,000 for the failure to deposit documents on the basis of a request. It could also abstain from applying a fine if this was justified by the subsequent behaviour of the corporation, that is the submission of the documents.

As of 1 January 2014 the system is being tightened substantially with the new Public Registers Act. According to the explanatory memorandum, a public register and collection of documents are to serve as the basic source of information for the public, creditors, partners, and registered parties, and for this reason must be kept updated.

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