The obligation of filing financial statements to the Polish National Court Register, Court and Commercial Gazette and the Head of the Polish National Tax Administration
In case of many entities, the deadline for approval of the financial statement for 2023 expires at the end of June 2024. Pursuant to the Polish Accounting Act, the financial statement must be approved by the approving body not later than within 6 months from the balance sheet date. In case of entities for which the financial year is the same as the calendar year, the financial statement must be approved by 30 June 2024. If the statement is subject to an audit by a statutory auditor, the approval of the annual statement must be preceded by such an audit. Approval of the statement is connected with duties towards the Polish National Court Register (KRS), in the Court and Commercial Gazette (MSiG) and the Head of the Polish National Tax Administration (KAS).
Submission of the statement to the National Court Register
This obligation refers to entities entered in the National Court Register. Submission of the documents is available only in an electronic form. The documents must be sent to the Repository of Financial Documents through the ICT system provided for this purpose by the Minister of Justice.
Deadline – within 15 days from the approval of the annual financial statement
Legal basis – Art. 69 of the Polish Accounting Act
What must be submitted:
- Annual financial statement
- Report on audit, if the statement was subject to audit
- A copy of the resolution or decision of the approving body on the approval of the annual financial statement and distribution of profit or coverage of loss
- Report on operation in case of certain entities (e.g. limited companies)
Important note: if the financial statement is not approved by the statutory deadline, it must be filed to the National Court Register by 15 July of the current year and then also within 15 days from its approval, along with the a/m documents.
Filing the statement to the Court and Commercial Gazette
This obligation refers to entities that are not recorded in the National Court Register and that are obligated to undergo an audit of the annual financial statement under Art. 64 of the Polish Accounting Act. In practice, this obligation may apply to natural persons conducting business activity.
Deadline – within 15 days from approval of the annual financial statement
Legal basis – Art. 70 of the Polish Accounting Act
What must be submitted:
- Introduction to the financial statement constituting a part of additional information (i.e., without additional information and notes)
- Balance sheet
- Profit and loss account
- List of changes in equity (own fund)
- Cash flow statement for the financial year
- Report on audit
- A copy of the resolution or decision of the approving body on the approval of the financial statement and distribution of profit or coverage of loss
Thus, natural persons who keep accounting ledgers do not always need to file financial reports to be published in the Court and Commercial Gazette. The obligation applies when the financial statement was subject to an audit.
Submission to the Head of the Polish National Tax Administration
This obligation applies to payers of income tax, starting from natural persons who keep accounting ledgers and must prepare financial statements.
Deadline – the same as for PIT declarations for the particular year. In general, it will be by 30 April of the year following the financial year that the financial report refers to.
Statements to the Head of the Polish National Tax Administration must also be filed by payers of corporate income tax that are not recorded in the register of entrepreneurs of the National Court Register but must prepare financial statements.
Deadline – 15 days from the approval of the annual financial statement
What must be submitted:
- Annual financial statement
- Report on audit, if the statement was subject to audit
- Copy of the resolution on approval of the financial statement
The Head of the Polish National Tax Administration will disclose the received financial statements to heads of tax offices, heads of customs and tax offices, directors of chambers of tax administration and the competent minister for public finance.
Failure to submit the financial statement along with the required documents within the deadlines indicated by the legislator is considered as a tax offence and subject to a fine.
Author: Agnieszka Bojar Manager at MDDP Outsourcing office in Warsaw
