Marko Janićijević

Senior Lawyer

29. 04. 2020.

SERBIA: Deadlines Shifted for Convening Regular Meetings of a Company and Submission of Financial Statements

 The Government has issued a Regulation on shifting deadlines for submission of regular and extraordinary financial statements and for filing corporate income tax return. The deadlines for:

Submission of regular and extraordinary financial statements and filing corporate income tax return

are shifted as follows:

  • deadline for holding a regular session of a company assembly, which normally does not exceed 6 months from the termination of the business year, is shifted to a period within 90 days from lifting the state of emergency;
  • deadline for submission of regular annual financial statements for companies and sole traders, normally submitted to the Business Registers Agency (BRA) until 30 June, as required by the law, is shifted to a period within 90 days from lifting the state of emergency;
  • deadline for submission of consolidated annual financial statements (parent companies), normally submitted to the BRA until 31 July, as required by the law, is shifted to a period within 120 days from lifting the state of emergency;
  • deadline for submission of extraordinary financial statements, normally submitted to the BRA within 60 days of the day of compiling such statements, as required by the law, is shifted to a period within 30 days from lifting the state of emergency, providing that the deadline for submission of such financial statements expires during the state of emergency;
  • deadline for submission of financial statements for legal entities having a business year other than a calendar year is 90 days from lifting the state of emergency, providing that the regular deadline for submission of financial statements of such entities expires during the state of emergency.

 

Deadline for submission of annual reports, i.e. annual financial statements with the auditor’s report, for all taxpayers whose reporting is governed by the Law on Capital Markets, Law on Investment Funds or the Law on Open Investment Funds with a Public Offering, is shifted to a period within 60 days from lifting the state of emergency.

Deadlines for filing corporate income tax return

are shifted as follows:

  • corporate taxpayers with a tax period equal to the calendar year and those with a tax period other than the calendar year shall file corporate income tax return within 90 and 120 days respectively from lifting the state of emergency;

Please note that business entities using any type of state aid allocated in response to the pandemic, are not allowed to pay dividends in 2020.


Sources of law:

  • Regulation on shifting deadlines for holding regular sessions of company assemblies and submitting annual and consolidated financial statements of companies, cooperatives, other legal entities and sole traders, as well as deadlines for filing the corporate income tax return and the income tax return for the self-employed, validation of certified auditors’ licenses and licenses for estimating the value of real estate that expire during the state of emergency due to COVID-19 pandemic caused by SARS-CoV-2 virus (RS Official Gazette, no. 57/2020)
  • Law on Accounting (RS Official Gazette, nos. 62/2013, 30/2018 and 73/2019 – another law)

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