
The adopted changes will not affect the manner of taxation of preceding periods in which the limited partnership operated. These changes involve only taxation of income earned by limited partnerships in the future.
Each limited partnership will be required to close out its accounting books at the end of the day before the date when it obtains the status of a payer of corporate income tax. If a limited partnership decides to postpone its taxation until 1 May 2021, and the last day of its financial year falls between 31 December 2020 and 31 March 2021, the partnership may decide not to close out its accounting books on that date, but extend its financial year through 30 April 2021.
The tax and legal analysis is conducted over the course of 10–15 business days. The exact length of the analysis will depend on the complexity of your business and the need to assemble all essential data, documents and information.
Conversion of a limited partnership takes one to three months.
Whether conversion of the corporate form of the limited partnership is the best solution for your business will be examined during the comprehensive tax and legal analysis. The ultimate decision will depend on such factors as the complexity of your business and the level of its revenue and costs.
Yes, on the 28th of November 2020 the president signed a law which introduced the taxation of limited partnerships. On the 30th of November 2021, the law officially went into effect.