We are presenting the next article from the “VAT quick fixes” series. Last time, we analysed changes introduced in the call-off stock procedure. This time, we are going to focus on the amendment of chain transactions.
More than a year has passed since the introduction of revolutionary changes in preparing and submitting annual financial statements. Today, as many companies registered in the NCR (in particular those where foreigners participate) continue to have arrears in submitting their annual financial statements, we would like to take a closer look at the weapons used by registry courts to enforce reporting obligations.
As the Council of Ministers recently adopted a draft amendment of the VAT Act, you need to take into account the fact that as of 1 January 2020 large companies, i.e. those with the average annual headcount of 250 persons or with an annual turnover exceeding EUR 50 million and with a balance sheet total of at least EUR 43 million, will have to submit the new SAF-T_VAT file. Other taxpayers, including local government units, will be obliged to submit the new file as of 1 July 2020.
In previous posts, we presented a handful of basic information that may be useful for foreign investors planning to start their business in Poland. Undoubtedly, a crucial thing here is the the choice of the legal form of such business, as we discussed e.g.: here. The next big step on the way towards developing a business in Poland is to hire employees. This, in turn, involves an entire range of additional obligations for the employer, such as occupational health and safety, personal income tax and social insurance.
Transfer pricing is no longer a purely theoretical issue, but a factor to be taken into account on a daily basis in transactions with related entities. The number and nature of changes that taxpayers have to face in this area is quite challenging. And even though the most recent changes have entered into force as of 2019, taxpayers may decide to apply them to their tax documentation for 2018, as well.
There are less than three months left until the obligatory split payment mechanism is introduced. Given how this mechanism is going to impact taxpayers’ cash flows and how many entities will have to face it on a daily basis, we may refer to this as a small revolution.
As a result of a decision taken by the Ministry of Finance (MF) to reduce the gap in the value added tax (VAT) as fast as possible, a new type of report, JPK_VAT, was implemented as along with the latest technology for data verification and analysis.