Mind The Penalty For Not Publishing A Financial Statement In Bulgaria

Legislation changes in Bulgaria, where enterprises often neglect to publish their financial statements in the trade register, may soon result in stronger enforcement and more penalties.

The publication of Annual Financial Statements (AFS) in the trade register is often neglected by Bulgarian trading enterprises. This may be due to the lack of effective penalties imposed by authorities over the years.

A new penalty recently introduced in local legislation should quickly change this practice as any failure to submit the AFS can result in a sanction. For companies with successful sales, the amount is likely to exceed reasonable expectations. Apart from the penalty risk, adhering to the rules is one of the most important targets for businesses striving to create and maintain a brand that is known for its manner of compliance.