Extension of deadlines for reporting and filing CIT returns
Deadlines for filing returns
The Regulation of the Minister of Finance published in the Journal of Laws provides for extension of deadlines for preparation, approval and filing of financial statements for private sector entities (excluding entities supervised by the Polish Financial Supervision Authority – KNF) by 3 months. This also applies to consolidated financial statements.
For the public finance sector, the deadlines are to be extended by 1 month.
Moreover, the regulation provides for a 3-month extension of the deadline for the preparation of:
- the directors’ report on company’s activity and
- the report on the activities of a capital group enclosed with the annual consolidated financial statements
Extension of the deadlines is to apply to the obligations pertaining to the financial year ending in the period from 30 September 2021 to 30 April 2022 provided that the deadline for compliance with said obligation did not end before 31 March 2022. Thus, the changes will also apply to some taxpayers whose financial year does not overlap with the calendar year.
Tax returns
The Ministry of Finance also presented a bill extending the deadline for filing annual corporate income tax returns and payment of the annual tax for 2021 by 3 months (i.e. until 30 June 2022). The planned change is to apply to all taxpayers whose financial year ended between 1 December 2021 and 28 February 2022.
Due to extension of the deadline for filing annual returns, taxpayers who have just decided to use the so-called Estonian CIT will have more time (i.e. until 30 June 2022) to show revenue, costs and income from transformation. This rule is to apply to taxpayers for whom the first year of taxation with the Estonian CIT commenced in the period from 1 January to 1 March 2022.
Also the deadline for filing the declaration of income earned during the tax year, to be filed by taxpayers who are already using the Estonian CIT, is to be extended until 30 June 2022. The planned extension is to apply to declarations filed for the tax year ended between 1 December 2021 and 28 February 2022.
Works over the bill extending the deadline for filing CIT returns are still under way.
Should you have any questions, please contact our experts.
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