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Penalties for accounting offences

The Financial Administration recently published information on the number of cases in which fines were imposed on entrepreneurs for offences under the Accounting Act. The offences cover a wide range of cases - failure to keep accounts, failure to prepare or publish financial statements, failure to have financial statements audited, etc.

The chart below shows the number of fines imposed in each year:

At the same time, we would like to point out that in connection with the proposal for a new Accounting Act, the penalty system and the statute of limitations for accounting offences are to be revised.

The regulation of penalties will also reflect a shift from accounting to an emphasis on the correct reporting of accounting information. It is the deliberate disclosure of false accounting information that is to be punished most severely, up to 10% of the total assets of the accounting entity or consolidation unit.

The limitation period for accounting offences is then to be extended from one year to four years. As in tax proceedings, a maximum objective time limit of 10 years will apply.

For more information on the new accounting regulation, not only on offences, please refer to the draft Accounting Act available HERE.

For any questions or comments, please contact the authors of the article or the EY client team you are working with.

Authors:

Jakub Tměj

Jana Semrádová