NGOs & Public Entities > Declaration and Payment > Annual information

Annual information

General Information

  • Non-profit organizations (NGOs) and public entities / State enterprises, despite the generally non-profit nature of their activities, are obliged to maintain accounting and to report their information under the applicable law.
  • These information are subject to self-declaration, they are important, especially when deriving from a profitable activity of a profitable organization.

In this case, the non-profit organization, in the capacity of the taxpayer, shall make a self-declaration of incomes, the amount of tax liability or contributions, without waiting for the assessment, notification or request from the Tax Administration and pays the tax on the account of tax authorities.

The information provided in the annual declaration of taxable incomes, includes data for the calculation of taxable income (financial statements):

  • The Balance sheet is one of the financial statements showing the financial position (assets, liabilities and equity) of a reporting entity to a specific date.
  • The statement of income and expenses is another financial statement that shows the economic performance (revenues, expenses and profit / loss) of the reporting entity during a period.
  • The Cash flow statement shows the cash flow (invoices and payments in cash and other cash equivalents) of a reporting entity during a period.

The request for information is vast and contains all information possible and necessary to make a taxpayer's tax assessment, which will serve in the calculation of taxable income for tax purposes.

The importance of the correctness in reporting
Due to the important role that the information reported has for the taxpayer, but also based on the fact that it has an impact on third parties, it is important that all the annual information must be reported correctly and on time.

Attention! Even if NGOs and public entities, in principle, they are exempted from income tax, according to the Law no. 8438, dated 28.12.1998 "On Income Tax" - as amended, Article 18, provided:

  • Their obligation to submit a tax declaration to the tax authorities and the annual balance sheet, in the same modes as the taxpayers, subject to profit tax.
  • Deadline for submission of the declaration of profit tax is 31 March of the following year, along with the financial statements comprise the balance sheet.

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