Day 27 March 2020 signed by the Ministry of Finance and published in the Official Journal a regulation on the extension of time limits for submission CIT-8 for 2019
Regulation of the Minister of Finance dated 27 March 2020 concerning the extension of the deadline for the submission of a statement of the amount of income [loss incurred] and the payment of tax due by corporate tax taxable persons, Journal of Laws, item 542, hereinafter referred to as: the Regulation of the Minister of Finance extends the time limits for the submission of a statement to which taxpayers are obliged on the basis of Article 27(1).
Corporate Income Tax Act (i.e. Journal of Laws of 2019, item 865 as amended, hereinafter referred to as: the Corporate Income Tax Act), i.e. the said declaration CIT-8.
According to the Regulation, this obligation is transferred to 31 May 2020 for:
- • to give a statement of the amount of income earned (loss incurred) in the tax year which ended in the period from 1 December 2019 to 31. January 2020,
- • payment of the tax due in that statement, if from CIT-8 is not paid
More time until 31 July 2020, received:
- • taxpayers who are public benefit organisations reporting public benefit revenue at least 80% all revenue,
- • taxable persons with only tax-free income on the basis of Article 17(1) Act the Corporate Income Tax Act
It was one from the requests raised by the National Chamber of Tax Advisors during the process of the government's draft revision of the coronavirus special law on tax changes. Other requests (among them) 63 proposed by the House eventually went to the bill itself.
These are proposals such as freezing all proceedings [1] and tax checks, the possibility of submitting ‘voluntary disclosure” by electronic means and not so far solely in paper form, or the possibility of changing tax returns for personal income tax purposes.
In the latter case, however, it was not decided to automatically extend the deadline, as the Minister of Finance did to legal persons.
Under the proposed law, the obligation to submit an annual tax return to 30 April will not be amended, but the authority will not charge penalties or initiate proceedings for late testimony if it is filed to 31 May 2020 To make such a statement within this time limit will be treated as a submission voluntary disclosure, according to Article 16 section 4 carnoscarb code (Journal of Laws of 2020, item 19).
Testimony filed by the IRS through e-PIT will continue to be considered as being sent 30 April, but they can then be corrected by the taxpayer. The Ministry announced the failure to charge interest on late payment in the period from 1 to 31 May, but no regulation has yet been issued on this issue.
Among other solutions included in the draft Act amending the Act on Special Solutions for Prevention, Prevention and Combating COVID-19, other infectious diseases and their emergency situations and certain other diseases Act dated 28 March 2020 we can list:
- • Allowing CIT and PIT taxpayers to deduct losses incurred In 2020 from operating income obtained In 2019 under the condition of lower revenues by at least 50% In 2020 compared to 2019
- • Transfer of the deadline for advance payments to income tax on paid salaries in March and April 2020 to 1 June 2020
- • Shift the obligation to submit a new JPK VAT file for large companies from 1 April from 1 July 2020
- • Transfer of the new VAT matrix 1 April from 1 July 2020
- • Deferral to 13 July 2020 obligation to report information to the Central Register of Real Beneficiaries
- • Exemption from tax on civil activities of the loan agreement concluded until 31 August 2020
- • Extension of the time limit for submission of information, but not a statement, of transfer prices to 30 September 2020
- • Extension of the deadline for submitting a notice of payment to an account not included in the VAT list under Article 86b(1) Goods and Services Tax Act (Journal of Laws of 2020, item 106) from 3-day 14-day
- • Deferment of retail tax to 1 January 2021
However, it should be borne in mind that the draft of these amendments has not yet been fully approved and passed, which means that the solutions described above may still change.
Of the ministerial work made available, there is also a draft regulation aimed at extending the deadline for the transmission of information on tax collected at source from foreigners and contracts concluded with non-residents (as appropriate) IFT-2R and ORD-U.
According to this project they can be submitted to the end fifth one month after the end of the tax year.
In the case of an ORD-U declaration, this extension shall apply to time-limits which expire during the period 31 March – 31 May 2020, and IFT-2R refers to payers whose tax year ended in the period from 31 December 2019 to 31 January 2020
29 March There was also an expected draft regulation to extend the time limits for financial statements, not only for hospitals, research units and public benefit organisations, but also for entrepreneurs. This Regulation extends as announced:
• Period 3 months (or by 2 if the entity is subject to supervision by the KNF:
- • drawing up the financial statements and consolidated financial statements by the parent undertaking,
- • approval of the financial statements and approval of the consolidated financial statements by the parent undertaking,
- • the publication on the website of a separate report on non-financial information instead of signing a statement on non-financial information – for selected partnerships and sp. z o.o. and the parent undertaking for capital groups.
• Period 90 days or 60 days when the entity is subject to supervision by the KNF:
- • the time limit for drawing up the accounts and balances for the financial year,
- • inventory of assets.
• For local government units:
- • period 60 the period for drawing up and approving the accounts will be extended,
- • period 30 the days will be extended to provide quarterly information on the implementation of the budget, on the course of implementation and on the annual report on the implementation of the financial plan.
The deadline for the transmission of the accounts to the tax office by natural persons engaged in the activity required to provide such a report in accordance with Article 45(5)) Personal Income Tax Act. The new term is 31 July 2020. The provisions of that Regulation concern units ending the financial year from 30 September 2019 to 30 April 2020
The right to issue such a regulation gives the Minister a speciality accepted 27 March By the Sejm. It should enter into force 31 March 2020 At the moment of writing this article did not appear in the Official Journal of the Laws as an existing legal act.
[1] In recent days, according to the expert opinion, part of the provisions on this point have been amended due to the risk of suspension of VAT refunds. In accordance with the new wording of the amending act, statutory terms are suspended, the non-preservation of which would have negative effects on the party. However, the reasons for the bill remain unchanged.
Author: Damian Kuszewski
The author is a graduate of the Warsaw School of Economics in Finance and Accounting, and is currently a law student at SWPS. From 2018 Associated with Russel Bedford Poland. His professional interests are tax law and, in particular, income taxes.