Most likely as of 1 January 2018 changes will come into force putting an end to taxpayers’ freedom to proceed with VAT specified on an issued invoice as they will
Tax Poland Commentary 2-2017
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This is due to plans to introduce a VAT split payment model. The introduction of the new legislation will also lead to other changes with regard to VAT, so it would be advisable to begin preparing for the enactment of the new legislation now.
At the moment, a taxpayer is free to do as it wishes with VAT from the moment it enters a business’s account to the moment it is paid into the tax office’s account. This mechanism has often led to VAT abuses, leading the Minister of Finance to change the way in which VAT is currently settled between parties to a transaction.
- What is going to change
- A single payment – two accounts
- Advantages for taxpayers
- Possibility of seizure of funds at times
- Possibility of extra monitoring
- Adverse impact on cash flow
- Extra records
- What action should be taken
Contacts
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