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Ordinary 2020 Annual General Meeting and Filing of 2019 Financial Reports Statutory Deadlines Extended

Ordinary 2020 Annual General Meeting and Filing of 2019 Financial Reports Statutory Deadlines Extended

Serbia
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The Government of the Republic of Serbia has adopted new Regulation on extending the deadlines for holding a company’s regular General Meeting session and submission of the annual and consolidated financial statements of the companies, cooperatives, other legal entities, and entrepreneurs, as well as deadlines for filing the corporate income tax return and tax return for the income of entrepreneurs, revalidation of certified auditors’ licenses and licenses for real estate valuation that expire during the state of emergency due to COVID-19 Pandemic caused by SARS-CoV-2 virus (hereinafter: “the Regulation”).

The Regulation sets out extending of the following deadlines during the state of emergency:

  • deadline for holding a regular annual session of a company’s General Meeting,
  • deadline for submission of annual and consolidated financial statements of companies, cooperatives, other legal entities and entrepreneurs for 2019,
  • deadline for filing the corporate income tax return and tax return for the income of entrepreneurs,
  • deadline for prolonging the validity of the certified auditors’ licenses, and
  • deadlines for prolonging the validity of the licenses for real estate valuation.

The deadline for holding a regular session of a company’s General Meeting referred to in Article 364 of the Company Law shall be postponed to a period of 90 days from the date of termination of the state of emergency.

The deadline for submission of the annual reports, i.e. annual financial statements with the auditor’s report of all taxpayers whose reporting is regulated by the Law on Capital Market, i.e. the Law on Investment Funds or the Law on Open Investment Funds with Public Offering, is postponed to a period of 60 days from the date of termination of the state of emergency.

The deadlines from the Accounting Law are postponed as follows:

  1. the deadline for submission of regular annual financial statements is postponed to a period of 90 days from the date of termination of the state of emergency;
  2. the deadline for submission of consolidated financial statements is postponed to a period of 120 days from the date of termination of the state of emergency;
  • the deadline for submission of extraordinary financial statements is postponed to a period of 30 days from the date of termination of the state of emergency, provided that the deadline for submission of the extraordinary financial statements expires during the state of emergency.

The deadline for submission of regular annual financial statements shall accordingly apply to legal entities having a business year different from the calendar one, provided that the deadline for submission of the regular annual financial statements of those legal entities expires during the state of emergency.

The deadlines for filing a corporate income tax returns are postponed to a period of 90 days from the date of termination of the state of emergency for taxpayers having a tax period equal to the calendar year and for the taxpayers having a tax period different from the calendar year only in case when the deadline for filing the tax return would in regular circumstances expire during the state of emergency.

The Regulation further stipulates that the deadline for filing a tax return for the income of entrepreneurs shall be postponed to a period of 90 days from the date of termination of the state of emergency.

The deadlines set out in Article 7 of the Audit Law that expire during the state of emergency shall be deemed to have expired upon the expiry of 30 days from the date of the state of emergency termination. Until the expiration of 30 days period from the date of the state of emergency termination, all licenses issued for carrying out the audit shall continue to be valid.

The deadlines set out in Article 11 of the Law on Real Estate Appraisers that expire during the state of emergency and 30 days from the date of the state of emergency termination shall be considered expired upon the expiration of 60 days period from the date of the state of emergency termination.

By Anja Sakan, Senior Associate, JPM Jankovic Popovic Mitic

JPM Jankovic Popovic Mitic at a Glance

JPM Jankovic Popovic Mitic is the leading law firm in Serbia, providing full service in Serbia and SEE region. Since 1991, we have been serving national and international clients from various industries in establishing, building and maintaining their business presence in Serbia and SEE. Our expertise, commitment, experience and the highest standard practice has been proven and recognized on the market. Our track record comprises numerous successfully completed landmark transactions in a developing and transitional economy. We are committed to finding solutions and providing flexibility of choice to our clients.

JPM is the founding member of Top-tier Legal Adriatic (TLA) a Vienna-based alliance of leading law firms operating in the Adriatic region. It is an association of independent business law firms with an excellent reputation obtained both locally and internationally, providing a full range of legal services to foreign and domestic clients hailing from various industries.

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