On 31 January 2022, the Government Legislation Centre published on-line draft of a Finance Minister regulation seeking to amend the regulation on certain deadlines for compliance with recordkeeping obligations and for preparation, approval, publication and registration of statements or disclosures (“Proposal”).
In accordance with the Proposal:
- businesses, except for certain categories, such as those regulated by the Financial Supervision Authority KNF, and
- persons liable to personal income tax who are required to maintain books of account (to the extent they are required to submit their financial statements to the tax authorities),
can use a 3-month extension of certain record-keeping and reporting deadlines that fall in 2022, such as the deadlines for preparation, approval and submission of financial statements.
The Draft is now undergoing public consultations and intra-cabinet clearance procedures, all of which are scheduled to last until 9 February 2022.
Also, as the Finance Ministry has announced on its website, they are planning to soon publish a draft regulation intended to extend the deadline for submission of CIT returns for 2021.
According to the Finance Ministry, the 3-month extension of time will apply to:
- the submission of the annual tax income/loss statement,
- the payment of tax so reported, or of the difference between the tax due on the reported income and the total advance payments made on a YTD basis as of the start of the year referred to in Article 27(1) of the Corporate Income Tax Act.
We will keep you up-to-date on the status of those legislative proposals.
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