John Paul O'Shea (Cork North-West, Fine Gael)
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260. To ask the Minister for Enterprise, Trade and Employment for an update on the implementation of section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (details supplied); and if he will make a statement on the matter. [33344/25]

Niamh Smyth (Cavan-Monaghan, Fianna Fail)
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Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 provides for a change to the current audit exemption regime, whereby small and micro sized companies will not, in future, automatically lose the privilege of audit exemption on a first occasion, in a five year period, of late filing of an annual return with the Companies Registration Office (CRO). This will ease the burden on small and micro sized companies and is considered appropriate, bearing in mind the importance of timely filing of annual returns with the CRO and having a proportionate penalty regime for late filing.

CRO IT development work to facilitate the amended audit exemption regime is complete and I hope to commence the section in the coming weeks.