Regulation on delaying deadlines

RS Government  adopts regulation on delaying deadlines for holding of company assembly, sending financial statements and submitting tax balance sheets

On April 16^th 2020, the Government of the Republic of Serbia adopted a Regulation on delaying the deadlines for holding the regular session of a company assembly and for submitting annual and consolidated financial statements of companies, cooperatives, other legal entities and entrepreneurs, as well as deadlines for filing income tax returns and taxes on income from self-employment, the validity of licenses of certified auditors and licenses for assessing the value of real estate that expire during the state of emergency caused by the COVID-19 disease caused by the SARS-CoV-2 virus (hereinafter: the Regulation).

The Regulation stipulates that the deadline for submission of annual financial statements with the auditor’s report for all taxpayers whose reporting is regulated by the Law on Capital Market, the Law on Investment Funds or the Law on Alternative Investment Funds with a Public Offering is postponed to 60 days from the date of termination of the state of emergency. Regarding the reporting required by the Law on Accounting, it is stipulated that the period for regular annual financial statements is postponed to 90 days from the termination of the state of emergency, while the period for the consolidated financial statements is postponed to the period of 120 days from the date of termination of the state of emergency.

Regarding the deadlines for filing the corporate income tax and taxes on income from self-employment, the Regulation stipulates the following dynamics:

• corporate taxpayers file a corporate income tax return within 90 days from the date of the termination of the state of emergency for corporate taxpayers with a tax period equal to the calendar year and for corporate tax payers with a tax period different from the calendar year;
• payers of self-employment income tax who keep business records in accordance with Article 43 para. 2 and 3 of the Law on Personal Income Tax file a tax return and a tax balance sheet within 90 days from the date of termination of the state of emergency.

Finally, the Regulation also stipulates that the deadline for holding a regular session of the General Meeting of Shareholders under Article 364 of the Law on Companies is postponed to 90 days from the date of termination of the state of emergency.

For additional news and announcements follow our COVID-19 blog, and should you have any further questions, feel free to contact us.