Taxes in 2024 bring numerous changes and challenges for taxpayers. What is the deadline for filing financial reports?
When should annual tax declarations for 2024 PIT and CIT be submitted? What are the limits for small taxpayers in VAT, PIT, and CIT? Find answers to these questions below.
Taxes in 2024 – Deadline for filing financial reports
Annual financial reports must be submitted within 3 months following the balance sheet date. If the fiscal year aligns with the calendar year, the deadline for submitting the report is 31 March. Then, the relevant authorities in the respective company must approve it.
The annual financial report is a significant factor for taxes in 2024. It should be approved no later than 6 months from the balance sheet date. If the fiscal year aligns with the calendar year, the deadline for approval expires on the 30th of June.
| The deadline for submitting the financial report in 2024 | |
| 31 March 2024 | Private sector entities |
| Legal entities within the public finance sector; entities engaged in financial market supervision | |
Currently, financial reports can be submitted only electronically. The Ministry of Finance provides detailed guidelines for this process.
Taxes in 2024 – Deadlines for filing PIT annual tax declarations
Every individual with taxable income in 2024 must:
- complete the appropriate tax declaration,
- submit it to the Tax Office in person or online,
- pay the income tax.
The deadline for filing the PIT annual tax declaration in 2024 depends primarily on the type of form that one needs to complete. The table below illustrates this.
| Deadlines for filing 2024 annual PIT declarations | |
| 28 February 2024 | PIT-16 PIT-16A |
| 30 April 2024 | PIT-28PIT-36PIT-36LPIT-37PIT-38PIT-39 |
Taxes in 2024 – Deadlines for filing CIT annual tax declarations
The annual CIT declaration for 2024 must be submitted to the Tax Office within three months after the end of the fiscal year adopted by the entity. A fiscal year is usually the calendar year. Yet, the entity can decide differently in the statute or company’s agreement. In such a case, the fiscal year is a period of twelve consecutive calendar months.
According to the standard deadline, the completed declaration should be signed and sent no later than 31 March 2024.
This standard deadline applies to taxpayers who:
- chose a fiscal year equal to the calendar year,
- changed the fiscal year in a way that it ends on 31 December 2023.
| 31 March 2024 | Filing the annual CIT declaration in 2024 for the fiscal year ending between 1 December 2023, and 28 February 2024. Payment of the tax due as stated in the declaration for the period from the beginning of the fiscal year. |
In 2024, you can submit the annual CIT declaration only electronically.
Taxes in 2024 – Limit for small VAT taxpayers
According to regulations, a small VAT taxpayer is the one:
- whose sales value (including the tax amount) did not exceed in the previous fiscal year the amount equivalent to 2 000 000 EUR.
- conducting brokerage business, managing investment funds, alternative investment funds, acting as an agent, assignee, or other person providing similar services, excluding commission – if the commission or other forms of remuneration for services rendered (including the tax amount) did not exceed in the previous fiscal year the amount equivalent to 45 000 EUR.
Amounts in euros are converted using the average exchange rate. The National Bank of Poland announces this rate on the first working day of October of previous tax year. The converted amounts are rounded to 1000 PLN.
For most VAT taxpayers, the limit for qualifying as a small taxpayer in 2024 is 9 218 000 PLN. This is the equivalent of 2 000 000 EUR according to table number 191/A/NBP/2023 of 3 October 2023. For taxpayers conducting brokerage business or managing investment funds, the limit is 207 000 PLN, i.e. the equivalent of 45 000 EUR.
| Small VAT payer limit | |
| 9 218 000 PLN | A small VAT taxpayer, whose sales value (including the tax amount) didn’t not exceed in the previous tax year the amount equivalent to 2 000 000 EUR |
| 207 000 PLN | A small VAT taxpayer operating a brokerage business, managing investment funds and alternative investment funds, acting as an agent, contractor, or providing similar services, excluding commission. The total amount of commissions or other forms of compensation for services (including tax) did not exceed in the previous tax year the amount equivalent to 45 000 EUR. |
Taxes in 2024 – Limit for small PIT and CIT taxpayers
The limit for the sales revenue of small taxpayers in 2024 PIT and CIT Taxes is determined similarly to VAT. Amounts in euros are converted using the average exchange rate. The National Bank of Poland announces this rate on the first working day of October of previous tax year. The converted amounts are rounded to 1000 PLN.
To qualify as a small taxpayer in 2024, the sales revenue in 2023 must not exceed 9 218 000 PLN.
Small PIT and CIT taxpayers in 2024 can use a preferential one-time depreciation. It is up to a limit of 50 000 EUR annually. After conversion, it is equivalent to 230 000 PLN.
Taxes in 2024: Crucial Deadlines and Limit – summary
Crucial dates for taxes in 2024 concern the submission of financial reports and annual PIT and CIT declarations. Another important issue for taxes in 2024 are the limits for small taxpayers in VAT, PIT, and CIT.
