Legal Advocates Andorra »No. 13

No. 13 - May

BULLETIN OF CURRENT LEGAL

No. 13 - May 2010

Finally approved the amendment of Law 30/2007 of the accounting business, including the effects of a sanction that the law did not originally contemplated, while elevated thresholds for the simplified scheme (up to 250,000, - Annual Turnover in €) and the exemption of deposit (up to 100,000, - €) and that in the coming days will be issued to BOPA, which will come into force the following day. For the purpose of clarifying a point from which we will apply the sanctions, the legislature included in the same discussion of approval of an additional provision of Law that dispelled any doubts, in the sense that the regime does not apply sanction for this year, but from the accounts for the year 2010, which will deposit the coming year.

But for companies and law firms maintained the requirement of deposit of annual accounts for the year 2009, within one month of approval of accounts, which should be done in the six months following the closing exercise, which coincides with the calendar year if the deposit accounts must be made no later than 31 July next. It is an obligation without penalty? in any case will not be economic, although there are several legal and practical consequences to be taken into account.

Failure to account for this fact will determine the entry in the register of companies after one year from the date of the year end and shall be published in the BOPA, the legal consequences that may lead to purposes of liability of directors and partners. Information regarding the year 2009 must be submitted also to the accounts of 2010, as only in 2009 to exempt the comparative prior year.

We understand that we must assume new obligations in relation to the duties imposed on the formal administration of business activities in preparation for those to come in the coming years, which undoubtedly has contributed not only to improve in business management, but the safety and security in commercial traffic in the interests of those most diligent employers, while the state has made possible the necessary information for the development of economic policies, as necessary this time.

Lawrence Bifet Cristina Manuel Ballester Miguel JULIA HOUSE