Tax
Forvis Mazars is a global integrated firm with presence in major economies of the world, so we understand the complexities of tax in today’s global economic climate.
Tax News
You will find here changes in the tax regulations discussed and commented by Mazars' experts.
New VAT rules
From 1 July 2021 the rules of VAT settlements concerning e-commerce transactions will change – and it is worth preparing your company for them
Notional Interest Deduction in Polish corporate income tax (CIT)
Starting from 2020, Poland introduced into its tax system the institution of Notional Interest Deduction (NID), sometimes also referred to as Allowance for Corporate Equity (ACE).
Obligation to prepare and publish information on the execution of tax strategy
On January 1, 2021, came into force the regulations providing for the obligation to prepare and publish on the website information on the tax strategy executed in the previous fiscal year. This obligation was imposed on the largest business entities. Some of them will have to publish information on the executed tax strategy for the year 2020 already in 2021.
30 days to reclaim interest on Intra-Community Acquisition of Goods and on importation of services
In its judgment of 18 March 2021 (Case No C-895/19), the Court of Justice of the European Union ruled on the incompatibility with EU law of Polish regulations making the exercise of the right to deduct VAT on Intra-Community Acquisition of Goods in the same settlement period in which output VAT on Intra-Community Acquisition of Goods arose conditional on the display of output VAT on Intra-Community Acquisition of Goods in a tax return submitted within 3 months, counting from the end of the month in which the tax point arose with respect to the acquired goods.
Fuel cards
The Polish Ministry of Finance has issued a general tax ruling on fuel cards. This ruling indicates what criteria determine recognition of fuel card transactions as a financial service. A release has also appeared on the government website informing that due to the repeal of Article 7 section 8 of the VAT Act, individual tax rulings issued in respect of this provision as of 1 January 2021 are no longer valid.
Limitation of the abolition relief
On 1 January 2021 the changes to the Polish personal income tax regulations entered into force, which limit the amount of the so called “abolition relief” to the sum of PLN 1360 (around €300).
Intangible services - limitation of tax costs
In regard to the approaching CIT settlement period and numerous doubts arising from the interpretation of regulations on exclusion of expenses incurred for purchase of intangible services and licenses from related parties from tax deductible costs, we recommend to provide a revision of transactions with related parties in order to verify the correct application of the above regulations and identify potential tax risks.
Reduction VAT from unpaid invoices
We would like to draw your attention to the possibility of taking advantage of the so-called "bad debt relief" in VAT, also in situations in which, according to Polish law it was previously not possible.
Real estate company tax
On 1 January 2021 the amended provisions of the Polish CIT Act and the Polish PIT Act concerning real estate companies came into force.
Simple Local And Modern VAT (SLIM VAT) already in force
Starting from 1st January, 2021 new regulations regarding simplification of VAT settlements came into force. They are included the so-called SLIM VAT (Simple Local And Modern VAT) Package and were enacted as an amendment to the Act on tax on goods and services.
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Forvis Mazars' experts blog
Thanks to many years of experience in providing services to companies from various sectors and with different legal personality, we offer a full range of services, including accounting, HR and payroll services as well as tax advisory. Our experts readily share their knowledge on current issues, changes in regulations and they also answer many bothering questions related to running a company. The published...