Digital Transformation » Systems & Software » Hundreds of thousands of German companies now face stiff fines for failing to fi

Hundreds of thousands of German companies now face stiff fines for failing to file their accounts, thanks to a decision by the European Court of Justice.

As reported in Financial Director a year ago, Germany was prosecuted by the European Commission because, even though its legislation compels companies to file, there are no penalties for failing to do so.

Up to 90% of German GmbHs – the so-called Mittelstand – do not publish their accounts, making it more difficult for suppliers to check their credit-worthiness.