New bill to postpone the deadline for filing of annual reports for 2020
The Danish Ministry of Industry, Business and Financial Affairs will introduce an emergency Bill to postpone the deadline for filing of annual reports for 2020. The Ministry has therefore started the consultation process. Below is a summary of the draft Bill.
The draft Bill proposes to extend the deadline for:
- companies in reporting classes B and C
- branches of foreign entities whose financial year ends in the period 31 December 2020 to 30 June 2021
- companies in reporting class D whose financial year ends in the period 31 January 2021 to 31 July 2021
According to newsletters issued by the Ministry and the Danish Business Authority, the deadline will be postponed by one month for companies in reporting classes B and C whose financial year ends 31 December 2020. For some companies, the filing deadline will therefore be postponed to 30 June 2021. It is still uncertain if the same deadline will apply to the other companies affected.
It is also proposed in the draft Bill to authorise the management to depart from any provisions in the articles of association relating to the calling and holding of general meetings and filing of annual report.
Reason for the proposed amendments
As reason for the Bill, the Ministry notes that many companies and auditors have been extraordinarily busy preparing annual reports for 2020, because this work coincides with final settlements under the COVID-19 compensation schemes.
We expect a fast-track hearing process, which means that the new Act will enter into force in May 2021, after which an executive order will be issued, laying down the detailed rules.
Until then, we will follow the process and come back with further information when the Bill has been passed and the executive order issued.
Read the draft Bill (in Danish).
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