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.
The Ministry of Finance is continuing its efforts to make the tax system more effective. Already as of 1 January 2020, prior to making any payment of a VAT invoice, the taxpayer shall be under obligation to verify whether the bank account number of the vendor has been revealed in the register kept by the head of the National Revenue Administration (NRA). This obligation, relating to payments exceeding PLN 15,000 made between entrepreneurs, is introduced in the Act of 12 April 2019 amending the Value Added Tax Act and Certain Other Acts which is now awaiting the President’s signature.
Automated bookkeeping processes are inevitable; however, as it is usually the case with progress, there is more to it than just advantages. It can be clearly seen when Clients ask us to keep their accounting books on their own system or when we support accountants working in Shared Services Centres.
In this post, we are going to discuss the recommendations of Working Group no.3, which addressed re-invoicing and the hierarchy of transfer pricing methods. These recommendations have been prepared for transfer pricing regulations that have been in force since 1 January 2019.
Following withholding tax changes that have been introduced, already as of 1 July this year, Polish companies paying interest, dividend or royalties to a foreign contractor in the amount exceeding PLN 2,000,000 annually shall be obliged to withhold the withholding tax according to rates set forth either in the PIT or CIT Act.
As we all know, a reform of the National Court Register (NCR) has gradually been introduced since 15 March 2018, its underlying aim being an electronic re-organisation of the register’s operations. From now on, financial statements and accompanying documents shall be submitted only in electronic format with a qualified electronic signature or a signature confirmed with a trusted ePUAP profile.
In this post we are going to try to clarify all doubts concerning the obligation to submit financial statements online.
This post continues a series on quick fixes. After a general introduction presented in part 1, now it is time to discuss one of the proposed ad hoc improvements of the VAT system that is about transferring goods under call-off stock arrangements (hereinafter: call-off stock).
In Q1 2019, the number of insolvency and restructuring proceedings increased from 213 to 224 as compared with the same period last year. Among industries with the highest risk of insolvency, the highest increase in the number of proceedings was recorded in wholesale trade (as much as 41%).
Research shows, however, that Poland is among the leaders in Central and Eastern Europe in terms of the number of foreign direct investments and investment attractiveness. According to the Doing Business 2018 report, prepared by the World Bank and being one of the most comprehensive analyses of conditions of doing business, Poland ranks 27th in the world in terms of business-friendly environment.
Pursuant to the Regulation of 27 April 2018, the Ministry of Finance (hereinafter: MF) established the Transfer Pricing Forum (TPF) to respond to taxpayers’ needs concerning the clarification of different aspects of transfer pricing. The forum is a team comprising people who are professionally involved in transfer pricing, both as regards theory and practice, as well as the MF and the National Revenue Administration representatives.
