New dealines for annual financial statements for 2020

New deadlines for annual financial statements for the year 2020

 

Effective as of March 13, 2021 are new Regulations regarding implementation of the General Tax Law which define a new deadline for filing Corporate Profit Tax (CPT) return for 2020 with special circumstances due to the COVID-19 epidemic.

The deadline for filing CPT return for 2020 and all other tax forms and reports which are filed along with the CPT return is 30 June 2021. For those taxpayers who have different business year from the calendar year deadlines for filing CPT return remains the same.

The deadline for payment of CPT liability based on submitted CPT return and liabilities based on the related tax forms for 2020 is 30 June 2021.

The criteria for determining the amount of tax-deductible expenses related to the use of vessels, apartments and holiday homes will not apply for assessment of the CPT base for 2020.

Financial Statements

In addition to the above, the deadlines for submitting financial statements for 2020 have also been extended:

The deadline for filing annual financial statements for statistical purposes is 30 June 2021.

The deadline for filing annual financial statements for public announcement is 31 August 2021. For those entrepreneurs who have a different business year from the calendar year, the deadline for filing of annual financial statements is 8 months from the business year-end.

The deadline for filing consolidated financial statements along with related audit reports for public announcement is 31 October 2021. For those entrepreneurs who have a different business year from the calendar year the deadline for filing consolidated financial statements is 10 months from business year-end.

The deadline for reporting obligation for consolidation of the financial statements to the Register for Annual Financial Statements is 30 June 2021.

Branch offices of foreign companies from other EU Member States can file annual financial statements for public announcement in line with the deadlines prescribed in these EU Member States applicable during the special Covid-19 circumstances, if these deadlines are longer than the deadlines prescribed in Croatia.

June 30, 2021 is the deadline for filing Statements on non-performing business activities for entrepreneurs who during the business year did not perform any business activities nor have recorded any assets or liabilities in their accounting records.

The deadline for reporting in case of status changes, liquidation and bankruptcy remained unchanged, i.e., 90 days from the date of the respective status changes, initiation of the liquidation proceedings or bankruptcy.