Tuesday 23 July 2019

Companies Office collects €7.2m in late-filing penalty fees from firms

Late-filing penalty fees totalling €7.2m accounted for 37pc of the Companies Registration Office's revenues of €19.27m last year. Stock image
Late-filing penalty fees totalling €7.2m accounted for 37pc of the Companies Registration Office's revenues of €19.27m last year. Stock image

Late-filing penalty fees totalling €7.2m accounted for 37pc of the Companies Registration Office's revenues of €19.27m last year.

According to the CRO's 2018 annual report, the €7.2m received in late filing fees from 13,451 companies - working out at an average penalty payment of €535 - topped the €7m the CRO received in submission fees for all other documents filed.

However, the €7.2m received in late filing fees is 29pc down on the €10.08m generated in late-filing fees in 2016 and 10pc on the €8.23m received under the same heading in 2017.

The CRO annual report said: "There has continued to be a reduction in late filing fees paid."

The CRO's revenues last year of €19.27m represent a 10pc increase on the revenues of €17.48m recorded in 2017.

The chief factor behind the increase was miscellaneous income soaring from €1.5m to €5m. The CRO stated that this is made up of "enquiries bulk data sales, credit notes, customer account balances".

The CRO's €7.1m expenditure remained at the same level as 2017 - made up of €4.6m in pay and €2.5m in non-pay resulting in a surplus of €12.17m

The figures show that at the end of last year there were 223,013 companies registered with more than half registered between 2010 and 2018.

More than 350,000 documents were purchased from the CRO in 2018 and its website was visited 2.3 million times.

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