tax

Fate of retail sales tax hangs in the balance

The Retail Sales Tax Act entered into force on 1 September 2016, but so far the state has not raised a single zloty from the tax. Since the European Commission filed an appeal on 24 July 2019 against the judgment of the General Court, the first collection of the tax has been further postponed.

Draft tax guidelines: Rules for collection of withholding tax

The Ministry of Finance has published a draft of the long-awaited clarifications of the rules for collection of withholding tax and the obligations of tax remitters. The document is intended to resolve taxpayers’ doubts arising after amendment of income tax acts.

Costly parting of the ways with the Polish tax authorities: Tax on income from unrealised gains

A tax amendment is lying on the Polish President’s desk. It will introduce, among other things, a tax on income from unrealised gains. As announced, the regulations should enter into force at the beginning of 2019.

Selected anticipated changes in income taxes as of 2019

At the end of August 2018, the Ministry of Finance announced future significant changes in the most important tax acts. These changes are to enter into force at the beginning of 2019. We wrote about some of these here last week. Now we present further changes proposed by the Ministry of Finance, as published in the draft act of 24 August 2018 amending the Personal Income Tax Act, the Corporate Income Tax Act, the Tax Ordinance and other acts, which might be particularly important for taxpayers conducting business activity.

Taxation of income from trading in cryptocurrencies: A new approach

The Polish government is currently working on a completely new tax regime applicable to income from trading in cryptocurrencies (virtual currencies) for personal income tax and corporate income tax purposes. For PIT purposes, this income is to be taxed as income from cash capital at the rate of 19% regardless of whether the turnover is of a private nature or made in the course of business activity. For CIT purposes, the income from trading in cryptocurrencies will be classified as capital gains. These new rules would apply from 1 January 2019.

The split payment mechanism

Regulations introducing the split payment mechanism for VAT entered into force in Poland on 1 July 2018. This mechanism in B2B transactions is designed as a weapon in the fight against VAT fraud.