Corporate income tax return 2019 - What you should pay attention to?

Under one of the recently introduced tax relief measures, which is favourable not only from an administrative, but also from a cash-flow point of view, instead of the normal deadline at the end of May, it is enough to submit the financial report and the related annual returns – including the corporate income tax return – by 30 September 2020, and to pay the tax also on the same date. Not only those who pay the tax annually according to the calendar year can use this option, but also annual taxpayers with a different business year in whose case the original deadline was between 21 April 2020 and 30 September 2020. Even though the deadline for submitting the financial statements does not apply to so-called “businesses of public interest,” but the option to use the extended reporting and payment deadline is also available to them. This means that there is still plenty of time, yet it worth reviewing the most important changes already at this time. Since the tax calculations were earlier made during the period of annual closing and auditing, often in a hurry, the extended deadline provides an opportunity for using the services of an external advisor to identify structural problems and further available tax advantages.

To read the whole newsletter below.