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Entries from April 2016

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14 April 2016
Karolina BARTKOWIAK

The refund of tax on goods and services, and more specifically, returning the difference between input tax and output tax, is quite important for entrepreneurs, as it influences their decisions and business plans or sometimes even the financial liquidity of the company. It is a kind of paradox, as VAT should be a neutral tax for the entrepreneurs. It is not surprising that the majority of entrepreneurs want the VAT refund to be as quick as possible. The legislator, implementing (at least in my opinion) the principle of VAT neutrality, indicated in art. 87 par. 2 of the Act of 11 March 2004 on the tax on goods and services that in principle the refund of the tax difference shall be made within 60 days from the date of submitting the tax declaration by the taxpayer. However, the next sentence of the provision states that when the specified refund amount requires additional verification, the tax office may extend the above period until the process of verifying the declaration of the taxpayer, including inspection activities, tax audits or tax proceedings, has been completed.

1 April 2016
Michał DREAS

On 13 January 2016, the International Accounting Standards Board (IASB) issued the new International Financial Reporting Standard No. 16 (IFRS) – "Leases", which supersedes IAS No. 17.

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