40% Of Estonian Companies Failed To Submit Annual Report

For the first time ever, all companies in the new euro zone country – Estonia – were required to submit an online annual report. But only 60% of Estonian businesses managed to do so, the web site aripaev.ee reports.

“Not all businessmen know that they are required to submit an annual report.”

Piret Meelind

Although all 93,402 companies registered in Estonia were required to submit their annual report by July 1, only about 60% did so. However, the percentage of complying companies went up slightly since a year ago it was 58.6%.

For the first time, all companies were required to submit an online annual report, reported aripaev.ee

As in earlier years, the lion’s share of annual reports were submitted in the last days of June. For instance, in the last three days, 23,378 companies uploaded their reports and signed them digitally.

For the first time, also non-profit organizations were required to submit their report.

As of 27,631 non-profit organizations, only about 49% had complied with the requirement.

Another 3,212 companies had uploaded their reports online, but not yet submitted them.

Piret Meelind, deputy manager of the Centre of Registers and Information Systems, said that there have been no technical problems with the submission of reports. “The system enables up to 20,000 users to operate in this online environment simultaneously, but the number of users who had logged in was much lower,” she said.

Meelind said that, historically, many companies will submit their annual reports in the first week of July.

A representative of the justice ministry said that although the law allows to fine business owners who fail to submit their annual report by the deadline, the authorities would send out a written warning instead of imposing an actual fine.

“In many cases, companies fail to submit their annual reports by the deadline because of unawareness or carelessness. For instance, not all businessmen know that they are required to submit an annual report also if the company had no operations during the financial year,” she added.

Source: balticbusinessnews.com

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3 Comments

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3 responses to “40% Of Estonian Companies Failed To Submit Annual Report

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