Along with the new year taxpayers will face many changes which will concern both the introduction of the new taxes and an increase in fees, incl. electricity and garbage collection. Some of the new fees and increases have been in force since January 2021.
Our experts have prepared a short description of the most important projected changes that will allow you to efficiently shift around the new tax reality. We encourage you to familiarize yourself with our summary and make sure that you have all the projected changes under control.
- From January 1 tax strategy regulations are obtained, which some companies will have to publish on the website. Lack of publication will result in severe financial penalties. We have discussed the topic before where you can find more details.
- From January 1 2020 CIT covers limited partnerships, as well as some general partnerships in which the partners are entities other than individuals, in case of copartnerships doesn’t submit relevant information about their partners. In the current situation it is necessary to quickly consider how to manage this situation and what actions take. A limited partnership turns out to be less beneficial than for example a limited liability company. We have already written about the details.
- Tax for the transformation of the limited partnership or general partnership into a private limited company (l.l.c. or join stock) in order to take advantage of the Estonian CIT.
- From January 1 2021 a new regulation came into force that indicated taxpayers and payers under the jurisdiction of the head of the revenue other than the locally competent head. The currently operating 20 specialized revenues are to deal with entitles of strategic importance for the Polish economy. The first Mazowiecki Urząd Skarbowy in Warsaw now provides comprehensive service for tax corporate groups and partnerships that form them, entities with revenues exceeding 50 million Euro and partnerships listed on the stock exchange.
- Moreover, two specialized revenues in the scale of country that are responsible for indicated areas– the Lubelski Urząd Skarbowy in Lublin is responsible for withholding tax (WHT), and the second Mazowiecki Urząd Skarbowy in Warsaw is the competent authority for pension funds and investment funds.
- The introduction of regulations related to the limitation of the abolition relief is scheduled for January 1, 2021. The amount of the abolition relief will be reduced to 1360 PLN.
- Increased maximum ceiling of the property tax and vehicle excise duty.
- The higher property tax will apply to own land, apartments, houses and building in individual cities- regardless of use.
- In the range of vehicle excise duty the increase will primarily affect owners of trucks, buses and other transports.
- The tax on retail sales will be charged on revenues from retail sales according to two progressive rates: 0.8% on revenues not exceeding 170 million PLN, 1.4% on revenues above 170 million PLN. The new tax will not burden the multi-branch stores, whose retail sales revenues will not exceed 17 million PLN/ per month.
- The change of building regulations. From the new year the regulations will require the construction of passive buildings (with limited demand for primary energy).
- Introduction of a fee on foodstuffs (a.k.a. sugar tax). The sugar tax will apply to incl. drinks with the addition of sugar, sweetings, caffeine or taurine. The amount of the fee will depend on the amount of the above ingredients per liter of drink.
- Introducing a fee for a.k.a. “miniature” (spirits in unit packages with a capacity not exceeding 300 ml, with an alcohol content of more than 18%).
- Entry into force of the amendment to the VAT Act introducing a.k.a. SLIM VAT- a simplification package for entrepreneurs, including new rules for making adjustments on the part of the seller and the buyer, changes in MPP and WIS, simplification in VAT deduction, simplification in exports (advance) or the possibility of applying a common exchange rate with income tax.
- From January 1, 2021, trading rules will be changed with Great Britain. Custom law and VAT transactions with Great Britain will be treated as import/export (not as intra-community transactions).
There are a lot of changes as usual, with them may arise doubts and questions. Please feel free to contact us and consult!