As a result of the Covid-19 Act and Finance Minister’s Regulation which have just entered into force, companies will have more time to meet their reporting obligations and report ultimate beneficial owners. The time limits have been extended by 3 months.
From companies’ perspective, the following changes are particularly important:
Reporting of Ultimate Beneficial Owners
- The extended deadline is 13 July 2020.
Filing of Financial Statements
Deadlines have been extended only with respect to obligations relating to a financial year ending after 29 September 2019 but before 30 April 2020, provided that the original deadline had not elapsed before 31 March 2020. The time limits indicated below have been calculated for companies whose financial year ended on 31 December 2019:
- Management reports and financial statements should be prepared and signed by 30 June 2020.
- Financial documents should be approved by 30 September 2020.
- Documents should be sent to the Repository of Financial Documents by 15 October 2020.
By Irmina Kondraciuk, Associate, Penteris
