This is a page for the tag Split Payments
Proposed changes to the VAT White List and split payment in Poland: will payment errors still affect tax-deductible costs?
The Polish government’s draft act amending the Personal Income Tax (PIT) Act and the Corporate Income Tax (CIT) Act proposes simplifying the rules for payments made to bank accounts outside the VAT White List and payments made without the mandatory split payment mechanism. It forms part of a broader deregulation... Read More →
Split payment mechanism and KSeF invoices in Poland – what changes for businesses?
The split payment mechanism and KSeF invoices in Poland are becoming an increasingly important practical issue for businesses, accounting departments and finance teams responsible for VAT settlements. Although the split payment mechanism itself is not new, payments for invoices issued through the National e-Invoicing System (KSeF) in Poland will require... Read More →
Application of the split payment mechanism in Poland extended until 2028 – what does this mean for taxpayers?
Poland has long been one of the few countries in the European Union that applies the mandatory split payment mechanism (in Polish: mechanizm podzielonej płatności; MPP) in VAT settlements. This solution, which initially sparked a great deal of controversy, has proven to be an effective tool in combating tax fraud.... Read More →
Romania has applied a limited VAT ‘Split Payments’ from March 2018
Romania has applied a limited VAT ‘Split Payments’ regime from the 1st March, 2018 in an attempt to reduce VAT losses and fraud. From the 1st January, 2018, Romanian taxpayers who are in financial difficulties are required to create VAT bank accounts to securely receive VAT receipts and onwards remittance... Read More →
EU Tax News | 24.01.2018
VAT ‘Split Payment’ benefit questioned by the EU A European Commission study into the benefits of ‘Split Payments’ as a VAT collection tool, aimed at battling VAT fraud, has cast doubt on the cost / benefits. The study concludes that the administrative and technology costs of running, tracking and reporting... Read More →
VAT split payments further delay by Poland to July 2018
The introduction of ‘Split Payments’ will be delayed announced the Polish Ministry of Finance until 1st July, 2018. This anti-VAT fraud measure has already been delayed once since the original launch plan of 1st January, 2018. ‘Split Payments’ is a measure requiring B2B customers to pay the VAT element of... Read More →
UK Tax News | 11.01.2018
Lawmakers in the UK reject proposed amendment to Brexit legislation A proposed amendment to Brexit legislation has been voted against by the lawmakers in the UK. This legislation would have replaced a clause seen as ‘ambiguous’ for a clear message that UK courts should temporarily follow rulings from the European... Read More →
Poland – VAT split payments delayed until April 2018
The introduction of anti-VAT Split Payments has been delayed until 1st April, 2018 Poland has announced. The original date had been 1st January, 2018. To explain ‘Split Payments’, this is the payment of the VAT element of a sales invoice into a special, controlled VAT account of the seller. The... Read More →
Poland VAT – Split Payments 2018
From the 1st January 2018, Poland will introduce a voluntary anti-VAT Fraud split payment mechanism. This system will ONLY apply on domestic transactions and will not affect invoice requirements. B2C transactions WILL NOT be impacted by these changes, only business to business sales. We have not received information about the... Read More →
VAT split payments being considered by Poland from 2018
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Date25 May 2017
/Voluntary VAT split payments system is being considered by Poland, introducing from 2018. This measure, which will include customers paying VAT into a unique, locked bank account, is intended to reduce VAT fraud. This drafted scheme comprises of a split payment procedure, whereby the VAT amount of a sale is... Read More →
