Is your annual report submitted?

More than half of the associations have yet to submit their annual reports. The Ministry of Justice reminds that the financial year report must be submitted even if no economic activity has taken place.

All legal entities that have the obligation to submit an annual report and whose financial year ended on 31.12.2023 must submit the annual report by June 30. Since this year the deadline falls on a Sunday, the reports submitted on July 1 are also considered to be due.

According to the Minister of Justice, Madis Timpson, there are a total of 306,855 reporting entities that have to submit reports this year. "To date, 98,360 associations have already submitted their reports, which is more than last year at the same time, when this number was 83,395. Another 172,691 are waiting to be submitted. association reports," he said.

"We ask you to submit the financial year report to the Business register on time. This is how we help keep our business environment transparent, reliable and competitive," the Minister of Justice emphasized.

Aleksandr Beloussov, team lead for zero reporting at the Center for Registers and Information Systems (RIK), points out that in the e-Business register, entrepreneurs can also use the option to schedule the sending of the report if they wish. "This means that once the report is entered and signed in the reporting environment, there is no need to wait until the end of June to submit the report to the register when the deadline arrives. The entrepreneur can use the automatic submission function, which schedules the submission of the report at the desired time," explained Beloussov.

Beloussov also pointed out that it is still possible to issue authorizations for entering and submitting the annual report. "This year, the option to manage authorizations has been added in the Pääsuke information system, where you can also give authorization to the accounting office, which, however, cannot be done directly in the annual report submission portal. Pääsuke is located in the state portal and offers a lot of additional options for managing the authorizations of self-service environments," he said.

If the obligation is not fulfilled in a timely manner, the registrar may start deleting or fining the legal entity in order to fulfill the reporting obligation. Only those legal entities that have not submitted a report and have no visible assets, pending proceedings or tax debts are deleted from the register.

With an application, a limited company may request to delete itself from the register if the limited company has not started operations and this is confirmed by all members of the management board and all shareholders.