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Legal changes in Poland affecting preparation and submission of annual company financial statements

On 15th March 2018 the first legal changes to the Act on the National Court Register and other acts will come into force.

The Act will significantly affect the activity of Polish companies, especially in the area of preparing company financial statements and the procedure of submitting the financial statements to the register court.

Below you will find a short description of the most important changes.

Electronic financial statements

Implementation of the new rules was divided into two stages. In the initial period, commencing on 15th March 2018 and ending on 30th September 2018, the financial statements can be prepared on paper in current form, but they have to be scanned and provided to the register court via a portal.

Starting from 1st October 2018 when the transitional period ends, the financial statements will be prepared in electronic versions and then provided to the register court via the portal. From that moment all financial statements in Poland will have to be prepared in the same logical structure and format. We are still waiting for the appropriate template to be created by the government.

The new financial statements will be signed by a qualified electronic signature or a signature confirmed by a trusted ePUAP profile. Therefore, from 1st October 2018, each member of the management board of a Polish company will have to possess a qualified signature or a trusted ePUAP profile.

Contact with the court via the portal

Starting from 15th March 2018 the financial statements will have to be submitted to register court via the online portal created by the Polish Ministry of Justice.

The application through the portal, in the case of limited liability companies, will have to be made by a natural person who is a member of the corporate body authorized to represent the company, and possesses a qualified electronic signature or a signature confirmed by a trusted ePUAP profile. In addition, the provisions of the Act require the person submitting documents via the portal, to have a Polish PESEL number entered into the National Court Register. At the moment, the Act does not provide for the possibility of submitting the financial statements and other documents by a proxy.

Although the new regulation are yet to be applied, in practice it may be needed to obtain a PESEL number for at least one of the board members of the company entered in the National Court Register.

The financial statements created and submitted to the court in the manner indicated above, will be public and available for verification via the Internet portal – Repository of Financial Documents. Another significant change is the fact that, from 1st October 2018, there will be no need to separately file the documentation to the Tax Office – the IT system will automatically send the documents to the competent authorities.

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