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Up to 90% of German GmbHs – the so-called Mittelstand – do not publish their accounts, making it more difficult for suppliers to check their credit-worthiness.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