Polish ‘Act Amending the Act on Value Added Tax and Certain Other Acts’ (“Split Payment Regulation”) introduced the ‘split payment’ mechanism for VAT transactions in Poland from 1st July 2018.
Polish banks have opened a dedicated VAT account for all theirs clients (“VAT Account”) to reflect this change.
The accounts owners do not need to take any action in connection with these changes and will not need to inform its customers of new standard settlement instructions. The payment will be split automatically if that option is chosen by customer so that the net amount of the payment is applied to existing account and the VAT amount is applied to VAT Account.
The Polish government encourages the use the new solution.
However, it is worth remembering, in principle the transfer from the VAT account is possible only to another VAT account or to the account of a tax office.
In 2018, we at INTERTAX Company entered our 25th year as a tax advisory & accounting company.
In 1993, INTERTAX was founded under the guiding mission of helping companies doing business in Poland.
Now, twenty five years later, this ensemble of 23 people is still united around the same vision. Our goal is to provide our clients with the best possible solutions and services suited to their individual needs.
On Saturday, August 11th 2018, Intertax Company’s anniversary year will culminate in a 25th Anniversary Celebration.
The Celebration will be hosted in the Pół na Pół (Pasaż Tertilla, Tarnow), a new venue located near the Rynek.
5:00pm – A glass of champagne with the Company & guests in Company’s office
5:30pm – A walk from the office to Pół na Pół accompanied by live music
6:00pm – Cocktails & Dancing Party
9:30pm – After Party
The event will start on June 14, ending on June 16 https://tra.org/tra-tax-representative-alliance-annual-meeting-2018-to-be-held-in-athens/
EFS Seminar at Erasmus University Rotterdam – “Action Plan on VAT: Towards a Single VAT Area?”
GDPR seminar held by Studio Cassinis at Forum Club Bologna 2018
The data sent by Polish VAT taxpayers via SAF-T are so detailed that Polish Ministry of Finance began to lead to the liquidation of the VAT returns in Poland starting 1st January 2019.
These plans of the Ministry were confirmed by prof. Teresa Czerwinska, Polish minister of finances at last Monday press conference in Warsaw.
Polish entrepreneurs hope that when the obligation to send tax returns will disappear, the VAT reporting in Poland thanks to SAF-T will be simple and fully automated.
Poland’s economy expanded 4.6 percent in 2017, its fastest pace since 2011. The rate of gross domestic product (GDP) growth was slightly above analysts’ forecast of 4.5 percent and substantially faster than the 2.9 percent of 2016. Stronger economic activity in Poland’s neighbours and the EU have also helped Poland. Economic growth in Germany, Poland’s top exports market, hit a six-year high in 2017. Household consumption strongest in nearly a decade. But some economists and policymakers say wage pressures are a concern.
Since 2018 the so-called minimum income tax on commercial real estate (e. g. shopping centre, department store, independent shop and boutique, office building) of 0.035% has been introduced. It refers to properties whose initial value exceeds PLN 10 mln. The tax base is the income corresponding to the initial value of an initial fixed asset determined as at the first day of each month resulting from the records, reduced by the amount of PLN 10 million. You can settle this obligation in two ways: pay the minimum tax and, when calculating CIT advance payment (PIT), deduct this PIT (CIT) or pay the full amount of CIT advance payment if it is lower than the minimum tax amount.