As of 2021, the legislator decreased the rates of lump sum PIT. For most of the taxpayers, it was not enough to change their PIT settlement method. However Polish “Governance” Act may be a deal-breaker in this respect – due to the introduction of 4.9% health insurance contribution calculated on actual income effective burden rate […]
Lack of document IE-599 and possibility to apply 0% VAT rate in the export of goods
According to the Polish VAT Act regulations, every taxpayer who exports goods asks himself: Is he entitled to apply a 0% VAT rate in the lack of IE-599 document? The issue seems to be obvious, but in our view, it may raise doubts. In connection with the Polish VAT Act regulations, export of goods means […]
The waiver of VAT on the supply of electricity and gas from 1 November to 31 December 2021
In connection with the several-fold increase in gas and electricity prices in recent months, the Minister of Finance issued a decision on the waiver of VAT on the supply of electricity and gas from 1 November 2021 to 31 December 2021. VAT is waived in cases of the supply, acquisition from another Member State, and […]
Change in CNB interest rates
The Czech National Bank released another decision to change the interest rates effective from 5 November 2021 as follows: the Lombard rate was increased by 1.25 % to 3.75 %, the Discount rate was increased by 1.25 % to 1.75 %, the two-week repo rate was increased by 1.25 % % to 2.75 %. The two-week […]
Slovakia: Obligation of VAT payers to publish bank accounts
Since 15 November 2021, each VAT payer must notify the Tax Administration of the bank account numbers (domestic and foreign) used to receive and remit payments in connection with VAT transactions. The deadline is 30 November 2021, at the latest. VAT payments from customers, VAT claims, and VAT overpayments from Tax Administration shall be received only […]
E-commerce package and cash registers
On July 1, 2021, an e-commerce package in VAT came into force, simplifying VAT settlements across the European Union (EU). Read more: E-commerce package – VAT changes as of 1 July 2021Import One-Stop-Shop (IOSS) The implementation of the package resulted in simplification of VAT rules not only in business to customer (B2C) transactions, but also […]
Change of the VAT return form
By decree 358/2021 Coll. a new VAT return form was published, model no. 23. The structure of the new form remained unchanged and only the descriptions of lines 24, 26, and 45 differ. The new form follows an extensive amendment of distance sale of goods and the issue of import of goods (e.g. abolition of […]