Extended deadlines for financial statements and CIT returns

A draft regulation extending the deadline for preparing financial statements, including consolidated statements for 2021, has already been submitted for public consultation, and a second draft extending the deadline for CIT is currently under preparation.

Both drafts are a response to staff shortages resulting from the difficult pandemic situation and to the requests of accountants, now heavily involved in implementing the new Polish Order tax system rules.

More time for the 2021 statements

The drafted provisions extend the deadlines for, inter alia, the preparation, approval and submission of financial statements for the year 2021 relating to:

• private sector entities (excluding entities supervised by the Polish Financial Supervision Authority - operating on the financial market) and NGOs - by 3 months;
• public finance sector entities - by 1 month;
• payers of personal income tax who are obliged to keep accounting books (in terms of submitting financial statements to the Head of National Revenue Administration) - by 3 months.

The regulation is to enter into force as soon as possible, i.e., a day after its publication.

3 additional months to submit CIT return

The Ministry of Finance is also preparing a draft regulation extending by 3 months the deadline to submit the 2021 CIT return for all taxpayers.

The deadline will be extended by 3 months for:

• submitting a 2021 tax year CIT return on the amount of income earned (loss incurred);
• paying the due tax indicated in the return or the difference between the due tax on the income indicated in this return and the sum of due advance payments for the period from the beginning of the year referred to in Article 27 par. 1 of the Corporate Income Tax Act.

All above-mentioned changes are expected to have a positive impact on the businesses and especially the finance and accounting departments during the period of increased workload.