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Finance Ministry launches register of final accounts

The Slovak Finance Ministry introduced a trial version of system that is supposed to reduce the administrative burden of businesses. Through the Register of Final Accounts, companies will be able to publish their final accounts for free and in only one place, the TASR newswire reported on May 21.

The Slovak Finance Ministry introduced a trial version of system that is supposed to reduce the administrative burden of businesses. Through the Register of Final Accounts, companies will be able to publish their final accounts for free and in only one place, the TASR newswire reported on May 21.

After launching full operation of the register, businesspeople will not be obliged to submit final accounts to several institutions and at various times, based on their legal form or subject of business as of January 1, 2014. The only institution to which they will have to send the necessary documents will be the Financial Administration, which will then provide the information to other state institutions. Moreover, the documents will be accessible by the public, TASR wrote.

At the moment businesses on aggregate pay about €510,000 to publish their final accounts in the business journal, and face fines if they either do not submit the documents or do not publish final accounts. Between 2009 and 2011 more than 1.1 million final accounts were filed by businesses.

The register was prepared in cooperation with the Slovak Chamber of Tax Advisors, the Slovak Chamber of Auditors and the Slovak Association of Corporate Financiers, TASR reported.

Source: TASR

Compiled by Radka Minarechová from press reports
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