In Spain, the period to submit the annual accounts to the Trade Registry, if the tax year coincides with the natural year, will finish on the 30th of July.
During June and July, the large companies and small and medium-sized enterprises must deposit the annual accounts, as long as the tax year coincides with the natural year, on the Spanish Trade Registry before the 30th of July.
According to the Commerce Code, individual entrepreneurs are not obligated to deposit the annual accounts. However, collective societies, public limited companies, and mutual guarantee companies, among others, are obligated to present the annual accounts.
The novelties on the annual accounts include improvements on the Trade Registry’s website and changes in non-financial information and diversity produced by the Law 11/2018, which affects especially large companies. These companies must report on environmental policies, commitments of the company with sustainable development, social policies and respect for human rights, and on other subjects in addition to tax information.
One of the requirements to submit the annual accounts is the certification of the General Shareholders Meeting. That is the reason why they must meet before the 30th of June and approve the annual accounts, including the distribution of the results of the fiscal year.
This certification, as well as the approval, must contain, among other details, the percentage of shareholders that approved the certification, the identification of the president and the secretary, the audit report, if they have it, the date of approval and the date of certification.
The deposit of the annual accounts is an essential step for the closure of the fiscal year and an excellent way to improve the accounting record of a company.
B Law & Tax
International Tax & Legal Advisors