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Navigating Annual Submissions and Deadlines

Writer's picture: RamintaRaminta

Submitting annual Financial Statements and Corporate Income Tax Returns can be a daunting task for many businesses. With various regulations and deadlines to adhere to, it is essential to understand the process thoroughly. In this blog post, we will guide you through the most important aspects of submitting your company's Financial Statements and Corporate Income Tax Returns.



Who Can Submit?


According to regulations, sets of Financial Statements can be submitted to the Centre of Registers by the director of a legal entity or an authorized representative. This individual must either access the Centre of Registers' self-service system through electronic banking or possess an electronic signature verified by a qualified certificate. Detailed procedures for submission and login requirements are available on the Centre of Registers website at www.registrucentras.lt.

 

Annual Corporate Income Tax Returns must be submitted via the electronic declaration system (EDS) of the State Tax Inspectorate. Similar to the process with the Centre of Registers, an individual must be authorized in the EDS to submit on behalf of a respective company and must log in through means accepted by the State Tax Inspectorate. If your company employs or engages accountants, this should not be an issue.


Understanding Deadlines


Deadlines for submitting financial statements are crucial to comply with. As per Article 2.66, Part 4 of the Civil Code, sets of annual financial statements must be submitted within thirty days from the moment of their approval. The approval deadline, however, may vary up to four months after the financial year-end. Moreover, specific laws may set different deadlines for entities of certain legal forms. Familiarizing yourself with these deadlines is essential to ensure compliance

 

Compliance with the deadline for Corporate Income Tax Return submission is just as important. The deadline is June 15th of the following year. Since this year it falls on a Saturday, the deadline to submit the 2023 Corporate Income Tax Return has been extended to June 17th. It is also very important to note that if any Corporate Income Tax is due, the payment deadline is the same as the submission deadline.


Other Important Considerations


It's worth noting that public sector entities must follow specific submission procedures through the Public Sector Accounting and Reporting Consolidation Information System (VSAKIS) of the Ministry of Finance. These entities are required to upload approved sets of annual financial statements and related documents within the timeframe specified in the consolidation calendar, which is approved annually by the Ministry of Finance.


Can We Help?


Navigating the submission of annual financial statements requires careful attention to detail and adherence to regulatory requirements. By understanding the submission process, deadlines, and available resources, businesses can ensure compliance and maintain transparency in their financial reporting practices. Feeling overwhelmed with all the details and deadlines? Let numberminded take care of it for you. We handle everything from submitting your financial statements to making sure you meet every compliance requirement. Get in touch via hello@numberminded.com.

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