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Fines for Delay and Failure to Submit Financial Statements will be Increased
23.12.2018 23:51
Fines for Delay and Failure to Submit Financial Statements will be Increased

The Ministry of Finance has prepared amendments to the Administrative Code, which provide for a sharp increase in fines for delay and failure to submit financial statements. The text of the bill has been published on the web portal of regulatory legal acts. Now the legislation does not stipulate fines for delays in reporting, there are fines only for the failure to provide information to state authorities – they range from 3 to 5 thousand roubles.

      The department considers the existing measures to be inefficient and proposes to raise penalties, as well as introduce new ones. For example, it is proposed to increase fines for companies that are required to submit audited accounts: a failure to submit will cost 500-700 thousand roubles, and the employee’s fine will make up from 100 to 200 thousand roubles. The fines for a delay will amount to 300-500 thousand roubles for a company and 80-100 thousand roubles for an employee.

      Find more about Russian laws and consult our attorneys.



Author: Anna Dorozhkina

Tags: Russian laws     

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