The Minister of Finance extends the deadline for fulfilling reporting obligations
The current situation related to the announced state of epidemic and the significant restrictions on the activities of commercial entities resulted not only in a sharp decline in turnover of companies, but also in difficulties in fulfilling tax obligations or obligations arising from commercial agreements. Due to the growing negative effects of the pandemic, it is obvious that entrepreneurs are putting off other statutory obligations.
In order to unburden the companies, on March 31, 2020, the Minister of Finance, pursuant to art. 15 zzh of the Act on counteracting the effects of COVID-19 under the so-called "Anti-Crisis Shield", issued a regulation under which certain deadlines related to the registration and reporting obligations of business entities and local governments are extended.
Among others, the following deadlines have been extended by additional 3 months:
- The deadline for closing the books at the day ending the financial year;
- The deadline for the preparation of the annual financial statements and activity report - if the financial year coincides with the calendar year, the deadline of 31 March was extended to 31 June;
- The deadline for the approval of the financial statements and the activity report by the entity's approval body (e.g. the shareholders meeting of a limited liability company) - if the financial year coincides with the calendar year, the deadline of 31 June was extended to 31 September;
- The deadline for the preparation of the parent entity's consolidated financial statements.