The deadline was clear: June 30th. It was the final call for all businesses whose financial year wrapped up last year to get their ducks in a row and submit their annual financial reports. However, it seems that financial punctuality is a challenge for many, with only 56% managing to submit their reports on time. Quite the financial cliffhanger!
As of the end of June, around 290K organizations, accounting for about 95% of all entities with reporting obligations, were expected to submit their annual financial statements. From these organizations, around 163K legal entities managed to meet the submission deadline.
"We express our gratitude to all who have timely filed their reports," said Margit Veskimäe, the Head of the Court Registers Department at the Ministry of Justice. "We are encouraged to see a 5% increase in the number of entities that have filed their reports by the end of June compared to last year. Nonetheless, the overall percentage of reports submitted punctually has not changed year after year. About half of the entities with reporting obligations are failing to meet the deadline. We must remind you that it is a legal responsibility to submit reports on time. This is not just a matter of compliance with the law. Timely and accurate reporting is essential for both the business in planning their activities and for the government in decision-making that impacts the economic environment."
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