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New Regulations on Interest in 2016
From 1st January, 2016 we have important changes to the regulations on interest rates within commercial transactions and the signing of contracts. We would like to draw your attention to these new rules, especially the late payment interest, as this is now regulated separately.
Changes to taxation in 2016
New rules for making adjustments to costs as of 1st January, 2016. Correction invoices will be processed on an ongoing basis without the need to do this retrospectively. The new regulations apply to adjustments on revenue and expenses arising which are a result of events that change the taxable base....
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List of changes in law – an amendment of the Labour Code
Act of 15th May 2015 – Restructuring Law The Act regulates the conclusion of an arrangement by an insolvent or threatened by insolvency debtor with creditors, the effects of the arrangement and of the restructuring actions.
Re-invoicing for the costs of utilities
In business, it is common practice for a firm to pass on the costs, it has incurred (on its own behalf) to another firm that makes use of a specific service in practice. This situation, commonly mentioned to as re-invoicing, can be applied in cases where the parties have another...
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The right to deduct VAT with a duplicate invoice
The moment at which the payment of duplicate invoices is made is determined by whether a business has received the original sales invoice and the invoice has been recorded in its accounts. Taxpayers still had doubts when they could deduct VAT from duplicate invoices. There are two possible solutions.
The responsibility to adjust tax-deductible costs associated with unpaid invoices are to cease
The Act amending the Tax Act of 5 August 2015 and some other acts repeals Article 15b CIT Act and Article 24d PIT Act with effect from 1 January 2016.
The issue of cancellation of invoices
The issuer of an invoice document, the bill which has not yet left the business, i.e. has not been received by the recipient of the invoice can be cancelled, providing that the transaction for which it was issued has not been effected.
The new transfer pricing documentation requirements for transactions between affiliates
With reference to the rule changes regarding the drawing up of transfer pricing documentation, the responsibility to submit transfer pricing documentation to the tax authority when required, and to create a declaration or a simplified report, will only relate to entities that record revenue or costs of a identified level.
Determining the taxpayer’s property tax in relation to structures erected on wind farms
If a property, which is erected with the buildings for wind turbines (the foundations, masts, street and square paving, outer wall, fencing, pipelines), is owned by farmers, and this land was leased for 25 years by the wind farms developers, the parties that pay tax on the land are the...
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Amendments to the Act on Personal Income Tax (PIT): 70% tax on compensation
From 1st January, 2016, certain type’s severance pay and compensation connected to non-complete clauses will be subject to tax. Amendments to the Act on Personal Income Tax (PIT): 70% tax on compensation Tax will be subject to, amongst others, compensation awarded on the basis of regulations concerning non-complete clauses will...
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