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Entries from April 2015

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24 April 2015
Adam KOŁODZIEJCZYK

Our clients have been recently asking more and more questions about VAT treatment of notices to pay penalty fees and contractual interests for failure to perform provisions of an agreement. Such notices may occur, for instance, when it is necessary to inform counterparties on payment delays. A party who issues a notice, not only charge fees on its issuance, but also settle the tax due for this issuance, including the amount of tax on the invoice. Is this the right thing to do? Since I look at such situations more and more often, I would like to explain in brief how notices to pay shall be settled in respect of VAT.

17 April 2015
Piotr BINDAS

We have already covered the issue of cooperation with an auditor but, while scanning publicly available financial statements, especially of the companies listed on New Connect, I came to the conclusion that there is still too little talk about certain issues. I suggest looking at a few randomly selected financial statements presented on the issuers’ websites. My point is not to assess the economic activity of the companies, but to see how information on achievements of a company in a given year is included in its annual financial statements, which, to my mind, should constitute the information provided by the board to the supreme authority of the company, namely its owners (indeed, it is shareholders that are most important in the company, because the ownership belongs to them). I browse through financial statements of the companies listed on New Connect quite often and two things strike me, as an outside reader, most: first, not including all data required by the Accounting Act and second, overall slovenliness of the presented financial statements, which aspects show the attitude of the companies’ managements to this official document.

3 April 2015
Mateusz CHŁOSTA

The obligation to prepare tax documentation in the case of transactions by/with partnerships has been a source of confusion among taxpayers for a quite long time. To prepare or not to prepare? That’s the question! – such a paraphrase of the famous Shakespearian quote clearly illustrates the dilemma that many taxpayers have had to face.