No fine in case of failure to publish the financial statements within deadline
In principle, annual financial statements must be submitted no later than one year after the balance sheet date of the financial year. For capital market-oriented companies, short publication periods apply.
As announced by the Federal Office of Justice in a press release on 8 April 2020, changes in the publication obligation due to the Corona crisis have been decided. This makes some companies breathe a sigh of relief.
Until now, the statutory deadline for disclosure of the 2019 financial statements in accordance with Section 325 of the German Commercial Code (HGB) for capital market-oriented companies expires on 30 April 2020. In this respect, the period for publication was “extended” until 30 June 2020.
The statutory period for the publication of the 2018 financial statements expired on 31 December 2019 for fiscal years equal to calendar years. Anyone who has already received a threat order from the Federal Office of Justice after 5 February 2020 can make up for the publication until 12 June 2020 before the threatened fine is fixed. Even if the six-week period expires during that period or has even expired. The Federal Office of Justice is thus following the recommendations of the European Securities and Markets Authority (ESMA), which were resolved on 27 March 2020.
In addition, existing claims arising from the EHUG fine proceedings are currently being put on hold. No enforcement measures, attachment and transfer orders are handed over to bailiffs or banks to collect their claims.
Companies that have been badly affected by the Corona crisis can also apply for deferrals. It is sufficient to show that the company is affected by the Corona crisis and that the crisis is having an impact on the profitability of the company. Attachment and transfer orders already initiated are withdrawn in connection with the deferral.
If you have any questions about accounting, national or international tax issues, especially with regard to the Corona crisis, please contact us directly at any time.