BI: Confusion over CIT-8 and reports. Minister postponed, but only one deadline
The Minister of Finance has postponed the deadline for companies to submit their annual CIT-8 return from 31 March to 30 June. However, he did not extend the deadline for the financial statements. Experts admit that this will not make things easier for companies and accountants, writes Business Insider.
Asked by the portal for a comment, Michał Thedy, tax advisor and managing partner at Thedy & Partners, points out that postponing the deadline for filing CIT-8 without moving the deadline for preparing financial statements does not seem to be the most optimal solution. Firstly, CIT has to be calculated anyway for the preparation of the financial statements. It is therefore debatable whether simply postponing the deadline for filing CIT-8 will help taxpayers that much. Secondly, the preparation of the financial statements is a much more complicated and labour-intensive task than the preparation of the CIT-8 itself. Practice shows that the 3-month deadline for the preparation of the financial statements is too short, especially if we assume, following the Ministry, that this is the deadline within which the report must be signed by the person who prepared it and the entire board of directors. Therefore, it would be much more rational and in line with business practice to extend both deadlines, i.e. the deadline for filing the CIT-8 and the deadline for preparing the financial statements.