- In September 2019, just days before the extended September 30 deadline, about 5,000 businesses had still not submitted their 2018 financial statements to the Business Registration Authority (BRA).
- The original deadline was July 31, 2019, but it was extended to September 30 after many businesses failed to complete online submissions due to system overload in the first year with broader documentation requirements.
- QKB decided not to impose penalties on entities that had obtained an application number within the original deadline but were unable to complete the submission due to technical issues.
- Today, the standard deadline for submitting financial statements and the assembly resolution to the QKB remains July 31, with no guarantee of a similar extension.
On September 27, 2019, just days before the extended September 30 deadline, the National Business Center (NBC) reported that approximately 19,291 financial statements had been submitted and approved, while the total expected number of applications was around 24,218. This left about 5,000 businesses outside the original deadline.
From our daily work, we see that many businesses leave filing their financial statements until the last days, sometimes believing that if the system has technical problems, the deadline will be automatically extended, as it was in 2019.
Read also: How to file the financial statements with the QKB and the assembly resolution by July 31..
What happened in September 2019?
Why was the deadline extended from July 31 to September 30?
2019 was the first year in which, under the Accounting Law, the number of statements that had to be filed with the QKB was increased. Alongside the online submission of financial statements, which previously took only a few minutes, the completion of a series of additional documents was added: the report on the progress of economic activity, information on assets, revenues, and the average number of employees. The overload this created in the system forced the QKB to extend the original July 31 deadline to September 30.
How did QKB react to the overload?
The QKB announced that it would not impose an administrative sanction, pursuant to Article 74, paragraph 3, of Law No. 9723, dated May 3, 2007, “For Business Registration,” for entities that had applied online within the initial deadline and received an application number but were unable to complete the submission due to system overload. This was a one-time measure, specifically related to that year's technical problems, not a permanent rule.
Every time there is a tax or financial change that affects your business, we notify you directly by email with a practical explanation.
Send me free notificationsWhy does it matter today?
The standard deadline today is July 31, with no guaranteed extension.
The 2019 case was an exception tied to a specific problematic year, not a precedent on which businesses could rely. Today the standard deadline for submitting financial statements and the assembly resolution to the QKB remains July 31, and any business that waits until the last days assumes the risk that the system will be overloaded, with no guarantee of a postponement or tolerance like in 2019.
How we handle this with our clients
We prepare and submit our clients' financial statements and accompanying documents well in advance of the deadline, precisely to avoid any risk associated with the online system becoming overloaded in the final days.
Frequently asked questions
Does the September 30, 2019 deadline still apply?
No. It was a one-time extension specific to the 2018 financial statement delivery cycle.
What is the current deadline for the financial statements?
July 31 of each year, according to our guide linked above, which is updated with every legal change.
Is the business at risk if the QKB system stalls near the deadline?
Yes, if the submission is left until the last days. As the 2019 case showed, system overload is a real risk, and there's no guarantee the administration will extend the deadline again.
