22 February 2022

Financial statement – the new deadlines in 2022

On January 31, 2022, the Ministry of Finance have announced  the extension of deadlines for financial statement – which met the expectations of taxpayers. Draft ordinance on the extension of reporting and recording deadlines is available on the website of the Government Legislation Center.

The extension of the deadlines will apply not only to financial statement but also, in the span of weeks, to CIT tax returns for 2021. We will know the final shape of the regulation after the stage of internal arrangements and public consultations are completed.

This is positive news for taxpayers and entities which, at the beginning of 2022, had to focus especially on adapting to the new regulations under the Polish Deal amendments.

Who is affected by the deadline extensions?

In particular, private sector entities (excluding entities supervised by the Polish Financial Supervision Authority) and non-governmental organizations will benefit from the changes announced by the government. In their case, the deadline for submitting financial statements will be extended by 3 months.

The same 3-month extension can be expected by taxpayers of personal income tax who keep books of accounts (as regards the submission of financial statements to the Head of KAS – National Revenue Administration). Last but not least, public finance sector units can expect the extension of deadlines by 1 month.

Financial statement – new deadlines

The deadline for preparing and signing the financial statements:

• previously: March 31st, 2022
• currently:
  • June 30th, 2022, for private sector entities, non-governmental organizations, and PIT taxpayers keeping accounting books,
  • April 30th, 2022, for the public finance sector.

Deadline for approval of the financial statements:

• previously: June 30th, 2022
• currently: 
  • September 30th, 2022, for private sector entities, non-governmental organizations, and PIT taxpayers keeping books of accounts,
  • July 30th, 2022, for the public finance sector.

Deadline for sending the financial statements to the National Court Register (KRS):

• previously: by July 15th 2022 at the latest
• currently: October 17th, 2022, at the latest (because October 15th falls on a Saturday)

Deadline for sending the financial statements to KAS (PIT taxpayers keeping accounting books):

• previously: by April 30th, 2022, at the latest
• currently: August 1st, 2022, at the latest (because July 30th falls on Saturday)

Legal persons must remember that the financial statements must be submitted to the Head of the National Revenue Administration within 15 days from the date of approval of the report. In addition, companies must also provide a copy of the resolution of the meeting approving the financial statements.

New dates also for CIT?

Another planned step by the government will be to extend the deadlines for submitting the CIT tax return for 2021. The 3-month extension will apply to the submission of a declaration of the amount of income earned (loss) in the tax year, and the payment of the tax due indicated in this declaration.

Accordingly, the annual CIT return should be submitted by June 30th, 2022. What’s more important, the described changes will apply to all CIT taxpayers without exception.

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Also, we recommend you to read our last article on changes in rules for signing financial statements.