We would like to bring your attention to new CFC (Controlled Foreign Companies) regulations which were passed by the parliament and will probably take effect as of 2022 CFC reconciliations: Extension of the definition of a foreign entity for CFC purposes (earlier: share in equity, profit or participation in company’s bodies of related parties of […]
E-commerce VAT Act amendment came into force on 1 October 2021
We would like to inform you that on 30 September 2021, an amendment to the VAT Act was published in the Collection of Laws, which concerns electronic commerce (e-commerce), and came into force on 1 October 2021. The amendment contains the following changes: Distance selling of goods between the EU Member States: abolition of the […]
Retrospective deduction of the input tax
In the tax ruling dated September 21, 2021, ref. 0112-KDIL3.4012.216.2021.2.MBN, the Director of the National Tax Information System (hereinafter: “DNTIS”) confirmed the taxpayer’s position that it is entitled to deduct input VAT on the outlays made in connection with the construction of a residential and commercial building, and the mere fact that taxpayer did not […]
October tax calendar in the Czech Republic
To avoid any threat of penalties calculated based on late submissions, or late payments, we summarized the crucial deadlines in October that should be taken into consideration with respect to your business in the Czech Republic: 11.10. – Excise duty due date, excluding excise duty on alcohol for August 202114.10. – Submission of Intrastat declarations in paper […]
The New Polish Deal focuses on innovation – tax relief for entrepreneurs
The government’s development plan will soon become a new Polish reality. Thus, it is worth paying special attention to the extended package of tax reliefs that can be used at every stage of the production process. The proposed solutions are primarily aimed at increasing support for R&D activities in Poland. Simultaneous R&D and IP Box […]
The National System of e-Invoices (KSeF) and new structured invoice soon in Poland
On October 1, the Polish Parliament adopted an amendment to the VAT Act and certain other acts (hereinafter: “VAT amendment”), implementing as of January 1, 2022 the National System of e-Invoices, the so-called KSeF and also including a new type of invoice – a structured invoice. KSeF will enable taxpayers to issue structured invoices as […]
What has changed in the “Polish New Deal” package in comparison to its initial version?
Please find below our brief summary: CIT/PIT Introduction of so-called minimal tax (amounting to 10% of tax basis) for companies and tax capital groups (i) which incurred operational loss or (ii) in case of which ratio of operational income to operational revenues does not exceed 1%; Decrease from 9% to 4.9% of non-deductible health insurance […]
The Polish New Deal – what about CIT taxpayers?
Please see the most important changes on the grounds of CIT: New reliefs, to include: increase from 150% to 200% of the amount eligible for deduction of qualified costs in R&D Centre (CBR), including those related to obtaining and maintaining a patent, right of protection for a utility model, right from registration of an industrial […]
The Polish New Deal – VAT revolution ahead?
The reform is to come into force in vast majority as of the beginning of next year. What will change in VAT settlements? Introduction of “VAT Group” – possibility of voluntary, joint VAT settlement by several taxpayers constituting the VAT Group: the VAT Group – a group of entities related financially, economically and organizationally, registered […]
The Polish Order introduces changes to transfer pricing
The draft Polish Governance Act introduces further changes to transfer pricing (TP): New penal fiscal sanctions failure to prepare local transfer pricing documentation, preparation of transfer pricing documentation not in line with actual background, failure to submit information on transfer pricing (so-called TPR form), or submitting information that does not correspond with the local transfer […]