BUSINESS IN SHORT

Annual reports register introduced

THE FINANCE Ministry has introduced a trial version of a system that is supposed to reduce the administrative burden of businesses. Through the Register of Final Accounts, companies will be able to publish their annual reports for free and in a single place, the TASR newswire reported.

THE FINANCE Ministry has introduced a trial version of a system that is supposed to reduce the administrative burden of businesses. Through the Register of Final Accounts, companies will be able to publish their annual reports for free and in a single place, the TASR newswire reported.

After launching full operation of the register, businesspeople will not be obliged to submit annual reports to several institutions and at varying times, based on their legal form or field of business, as of January 1, 2014. Businesses will need only to send the necessary documents to the Financial Administration, which will then provide the information to other state institutions. Moreover, the documents will be accessible to the public, TASR wrote.

Businesses currently pay on average about €510,000 to publish their annual reports in the business journal, and face fines if they fail to submit the documents or do not publish the final accounts.

Between 2009 and 2011, more than 1.1 million annual reports were filed by firms.

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.

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