August 7, 2020

The CNMC requires Correos to correct the accounting of its exercises until 2016



The National Commission of Markets and Competition (CNMC) requires the Correos y Telégrafos State Society to correct the accounting of its exercises until 2016, to stop charging the expenses and income of administrative notifications as part of the Universal Postal Service.

This is claimed by a resolution approved by the CNMC, which, as supervisor of the operation of the postal sector market, annually verifies the Analytical Accounting of the Postal Service, the Universal Postal Service, the rights of users and the market.

In the resolution issued this Monday, the CNMC recalls that in its 2015 review it already identified this incident, which consists of imputing administrative notifications as certified letters, a type of shipment that is included as part of the Universal Postal Service.

Thus, according to the CNMC, Correos does not comply with the accounting separation principle between the Universal Postal Service, which is a public service, and the rest of the postal services, which are not, with the consequent overvaluation of costs, which are financed annually through the General State Budgets.

Following the requirement of the CNMC, Correos must “reprocess all accounting years presented up to the date of approval of this resolution and, in particular, the year 2016”.

Thus, Correos must impute outside the analytical items of the registered letter of the Universal Postal Service administrative notifications, which in turn will lead to correct the accounting result of the Universal Postal Service.

The deadline for submitting the reprocessed exercises will be two months, counted from the end of the suspension of the administrative deadlines once the declaration of the state of alarm falls, and will be subject to further verification by the CNMC, which ensures that this incident can lead to very serious violations of the Postal Law.

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