Vol. 547 No. 1
96 Mr. C. Lenihan asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on whether the financial penalties for the late filing of annual returns by companies to the Companies Registration Office are excessive; her plans in relation to the imposition of such penalties; if she will consider reducing them; and if she will make a statement on the matter. [1081/02]
On 26 October last new late filing fees were introduced by our Department for companies which failed to file their annual return on time with the Companies Registration Office. Previously, a late filing fee of £5 – 6.35 – in addition to a registration fee of £25 – 31.74 – was imposed where a company had failed to file its returns on time. The late filing fee was the same irrespective of how late the return was filed. The new increased late filing fee of 100 plus a 3 daily fee for each day the return is late, subject to an overall maximum fee of 1,230, provides such an incentive.
For too long there has been a culture of non-compliance with the requirements of company law and a failure by companies and their officers to meet their responsibilities under the Companies Acts, particularly with regard to the filing of annual returns with the CRO. While there has been a marked improvement in the last couple of years in companies meeting the requirements to file returns with the CRO on foot of pro-active enforcement by the Registrar of Companies, a large number of companies continue to fail to file their annual returns on time. For information to be of proper use to users of CRO data, it is important that the returns be made on time.
