Mandatory electronic filing of Annual Financial Statements starting from FY 2016
In the Netherlands it is mandatory for companies to file their annual financial statements at the Chamber of Commerce of their district. This legislation is aimed to provide transparency and enables companies to get insight in (prospective) clients or suppliers, since the register from the Chamber of Commerce is publicly accessible for companies.
However, starting from financial year 2016, it’s no longer allowed to file the annual financial statements by sending a digital copy (e.g. PDF) or hardcopy to the Chamber of Commerce. Instead, companies are obliged to file their annual financial statements based on Standard Business Reporting (SBR).
In order to meet this requirement, companies have two options. First, they can allow their financial intermediary (e.g. trust office, tax or accounting firm) to file the annual financial statements on behalf of them. Or second, companies can convert their financial statements manually to SBR on the Chamber of Commerce website and submit the financial statements. However, to complete this procedure companies need to have aeHerkenningcode access code. eHerkennigcode is a standardized authentication and authorization system which enables organizations to make their services accessible online and securely.
Companies in the Netherlands are obligated to file their annual financial statements at the Chamber of Commerce no later than 13 months after the period the financial statements cover. Neglecting this obligation can have serious consequences for company directors, since not filing annual financial statements at the Chamber of Commerce within the designated period, undeniably means that mismanagement is performed. This can result that company directors can be eligible for financial claims on personal assets in case of (future) bankruptcy.
Subject: Electronic Filing of Annual Financial Statements
Relevant to: All companies in the Netherlands, irrespective of their size
Action Prepare Annual Financial Statements 2016 and later on SBR
Deadline January 31st, 2018.
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