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 2013, did not exceed 5,068,00.00 PLN. This amount has been increased by 146,000.00 PLN. Also, the depreciation expense limit has been increased. The maximum total amount of immediate write-offs for 2014 is 6,000.00 PLN higher, when compared to the preceding year and amounts to 211,000.00 PLN.

The value up to which the company may use the flat-rate tax on registered income, without deductible costs, has been also changed and shall apply to companies whose income for the last year did not exceed 633,450.00 PLN.

The necessity for keeping accounting ledgers by individuals, general partnerships, limited companies, professional partnerships and co-operatives shall emerge when their net income for the sale of goods, products and financial operations, for the preceding financial year amounted to, at least, to the equivalent of 1,200,000.00 EUR expressed in Polish currency. Taking into account the EUR rate as at 30 September, 2014, the company whose income for 2013 did not exceed 5,059,560.00 PLN, will not have to keep the accounting ledgers.