This is to let you know that the following two pieces of legislation have been published in the Journal of Laws:

  • Regulation of the Minister for Finance, Funds and Regional Policy dated 25 March 2021 on the postponement of the date for the filing of income (loss) return and the payment of tax by corporate income tax payers (Journal of Laws of 29 March 2021, item 571; “New CIT Compliance Deadline Regulation”);
  • Regulation of the Minister for Finance, Funds and Regional Policy dated 26 March 2021 amending the regulation specifying different deadlines for complying with record keeping obligations and with obligations relating to the preparation, approval, disclosure and reporting of statements or information (Journal of Laws of 29 March 2021, item 572; “New Financial Reporting Deadline Regulation”);

You may remember that the New CIT Compliance Deadline Regulation gives persons liable to CIT a longer time, i.e. until 30 June 2021, to:

  1. file their income (loss) return for the tax year ended between 1 December 2020 and 28 February 2021, and
  2. pay the tax due as per that return, or the difference between the tax due on their net income as per the return and the sum total of advance tax payments from the beginning of the tax year.

The New Financial Reporting Deadline Regulation extends the time for preparing 2020 financial statements as follows:

  • for private sector entities and not-for-profit organisations – by three months,
  • for public sector entities – by one month.

The above provisions facilitating the preparation and approval of financial statements apply to the reporting obligations for financial years ending after 29 September 2020 but not later than on 30 April 2021, unless the deadline for complying with those obligations expired before 31 March 2021.

Both the New CIT Compliance Deadline Regulation and the New Financial Reporting Deadline Regulation enter into force on the day next following the date of their publication.

If this issue pertains to your business and you are interested in our assistance, please contact your WTS&SAJA consultant.

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