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Draft law on Cryptocurrencies: Supervision, penalties and many changes
The Ministry of Finance’s Cryptocurrency law will, among other things, prohibit the offer of all virtual assets without a permit. The supervision of the market will be carried out by the Polish Financial Supervision Authority (KNF), which will have the power to impose severe penalties on companies or individuals that...
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Amendment to the Accounting Act signed by the President
On April 16, 2024, the President signed an amendment to the Accounting Act, which requires large companies to break down information on income tax paid and other data by country. The amendment aims to align Polish regulations with the EU Directive 2021/2101 of the European Parliament and the Council of...
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One-time tickets exempt from the obligation of issuing structured e-invoices
On September 4, 2023, a draft regulation was introduced at the Government Legislation Center that defines situations where taxpayers, with properly documented delivery of goods or services, won’t need to issue structured invoices. Invoices related to toll road services, passenger transport regardless of distance, and air traffic control and surveillance...
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National e-Invoice System – Test form from October
At the beginning of September, the Polish Parliament received a draft amendment to the VAT Act (Paper no. 1547 [PL]) concerning the introduction of the National System of e-Invoices (KSeF) as of 1 January 2022. However, according to information published by the Ministry of Finance, the system will be available...
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The Financial Shield of the Polish Development Fund 1.0 for Small and Medium-Sized Enterprises – new regulations
On 13 April 2021, the Polish Development Fund amended the currently applicable Rules and Regulations for applying for participation in the government program “Financial Shield of the Polish Development Fund 1.0 for Small and Medium-Sized Enterprises”. The amended version of the Rules came into force on April 28, 2021. The...
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Obligation to publish a tax strategy for the biggest taxpayers in Poland
The biggest taxpayers (with revenues above 50,000,000.00 EUR) and companies that are members of a tax capital group and, from 2021, also real estate companies have to accept that the Minister of Finance will make public in the Public Information Bulletin information on them included in their tax statements. As...
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Extension of the deadline for preparing and approval of financial statements for 2020
Due to the COVID-19 pandemic, the Minister of Finance, Funds and Regional Policy has extended some deadlines for financial reports: by 3 months (the end of the 6th month after the end of the financial year) – the deadline for preparing financial statements. In case of public sector entities, the...
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With modern IT solutions in accounting, we support our clients in the age of the COVID-19 pandemic
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Date12 Mar 2021
/On the one hand, 2020 was a difficult and unpredictable year and on the other hand, it showed that modern technologies have a significant impact on the activities of many industries. According to the financial reports of listed IT companies, the IT industry, despite the difficult economic situation caused by...
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A subsidy from the PFR does not constitute tax revenue
The financial subsidy received by the taxpayer under the government program for SMEs in connection with combating the effects of the pandemic in Poland is not tax revenue. It concerns the financial support from the Polish Development Fund (PFR) provided under the government’s ‘Anti-Crisis Shield’. This was confirmed by the...
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Currently used declarations replaced by one electronic document JPK_VAT
From 1 October 2020 the currently used VAT-7 and VAT-7K declarations will be replaced by one electronic document JPK_VAT which is: JPK_V7M – for taxpayers who have declared monthly VAT settlements, or JPK_V7K – for taxpayers who have declared quarterly VAT settlements. The new JPK_VAT was supposed to come into...
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