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Penalties for not submitting information about company car
Those tax payers who use their vehicle/s for business purposes only and keep a logbook/s for the vehicle/s may be able to deduct the entire VAT. The with holding of information about their vehicle/s with the full deduction at the tax office, will be subject to fine penalties, or even...
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New income limits regarding, among others, the status of a small taxpayers
As of 01 January, 2014 new higher income limits regarding, among others, the status of a small taxpayers, which are not obliged to keeping the accounting ledgers. The status of a small taxpayer (PIT, CIT and VAT) shall be kept by companies whose income value from the sale achieved in...
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New rules for additional taxation of foreign controlled companies
The Polish government recently announced a revised draft with new provisions for the additional taxation of foreign controlled companies in the Corporation Tax Act and the Income Tax Act, in respect of taxes on corporations and individuals respectively. The definition of “real economic activity” or “real business” In contrast to...
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The pro-family relief
For 2014, in the tax return for 2013, the pro-family relief will be different as per previously billed. Its use will depend primarily on the following: the number of children you have, the amount of income of the taxpayer and whether you are married. If you have one child, the...
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Car in the company – Tax aspects
A. Rented car – tax aspects It is necessary for rented cars to have a logbook. Based on the logbook data the monthly deduction allowance for corporate income tax purposes will be calculated (number of business mileage rate multiplied per kilometre). The tax-deductible costs for rented cars can be claimed...
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The choice of a tax method for carrying foreign exchange differences
Corporate Income Tax (CIT) payers and Personal Income Tax (PIT) payers presenting accounts can choose a method of carrying foreign exchange differences referred to in Articles. 9b Paragraph. 1 Point 2 of the Law on CIT and Art. 14b. 2 of the PIT. The adoption of this method is possible...
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Granting employee discounts on the company’s products
Based on numerous positive individual tax rulings, it is possible to claim that, under certain conditions, granting employee discounts on the company’s products does not constitute taxable income. What do the rulings concern? According to the tax authorities, as reflected in the tax rulings, in case a discount is granted...
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Cash pooling may be subject to thin capitalisation restrictions
Until recently, the prevailing approach of the Polish tax authorities, expressed in numerous individual tax rulings, was that interest paid within a cash pooling structure should not be subject to thin capitalisation restrictions. So far, the tax authorities were confirming taxpayers’ standpoint that cash pooling agreement should not be treated...
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Changes in the taxation of limited partnerships from 2014 apply only to limited by shares
At the meeting of the Technical Committee of the Polish parliament control systems on 09 October, 2013, the draft law amending the law on income tax has been verified (PIT) and corporate income tax (CIT). The original bill proposed that Polish limited partnership and limited partnerships are to be affected...
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Tax changes from 01 January 2014
From 01 January, 2014 will have long heralded a revolution in the Polish regulations regarding VAT. Changes from that day, coming into force will have a major impact on the way accounting for VAT in Poland. They may make it necessary to modify the current procedures of tax, and adjustment...
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