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Tax Archives

tax relief

Tax relief - hypothetical interest on subsidies and retained profit

Hypothetical interest - what is it?

Hypothetical interest is a special tax relief for CIT taxpayers. It applies only to those taxpayers who have allocated the company's profit to reserve or supplementary capital or contributed to the company. This relief is based on the calculation of hypothetical interest that burden tax costs and reduce the tax. Hypothetical interest is a kind of incentive for companies to increase their equity capital. As a consequence, they are to lead to limiting the share of foreign capital in the structure of the company's financing sources.

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Anti-crisis shield

Anti-crisis shield in connection with COVID-19

Find support for your company:

ANTI-CRISIS DISC

 

Our short assumptions anti-crisis shield:

  1. Exemption from the payment of ZUS contributions for 3 months (according to declarations submitted for the period from March to May) based on the application submitted for:

    • companies employing up to 9 employees as at February 29, 2020, if the employer was registered as a contribution payer before February 1, 2020. The exemption applies to contributions for the entrepreneur and the persons working for him,
    • self-employed persons paying contributions only for themselves who conducted business activity before February 1, 2020, with operating income (in the first month for which the application is submitted) up to the amount of PLN 15.681,00.

IMPORTANT !! Only ZUS contributions paid are subject to income and tax deduction. Consequently, exempting entrepreneurs from paying ZUS contributions in part for an employer will not constitute tax deductible costs.

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Gift tax effects

Christmas gift - tax effects

Is the gift a tax deductible cost for the giver (provider)?

The purchase of a gift will constitute a tax cost, provided that the expenditure is incurred in order to generate income or to maintain or secure a source of income. In practice, this means that gifts should bear a company logo, of low value, and their delivery should be massively for advertising purposes (i.e. promoting the brand or products of the company). In addition, when input VAT on the purchase of gifts is not deductible, it is a tax deductible cost. In contrast, elegant and valuable gifts given to selected contractors and gift baskets in which we place branded sweets and alcohols are used to build or maintain good relationships and create a favorable image of the company, are representative and do not charge tax costs.

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Individual tax bill

Individual tax bill

From January 01, 2020, taxpayers and payers of tax liabilities due to CIT, PIT, VAT and non-tax budget receivables will be obliged to settle current payments, arrears and corrections resulting from previous settlement periods from the above-mentioned taxes to an individual tax account.

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bad debts

Limitations of payment gridlocks - bad debts

BAD LONG - SUBJECT OF ADJUSTMENT:

From January 01, 2020 regulations on "bad debts" will come into force for the purposes of CIT / PIT, based on the provisions applicable to VAT purposes.

IN CASE OF NOT REGULATED

  1. In the event of non-payment of claims under commercial transactions for a period of 90 days from the first day following the payment deadline specified in the invoice or contract:
    • the seller has the privilege reducing the tax base / increasing the tax loss by reducing tax revenues from unpaid receivables,1)
    • the buyer has an obligation increasing the tax base / reducing the tax loss by reducing tax costs (increasing tax revenues - for entities taxed in the form of a flat-rate income tax) from an unpaid liability.2)
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Split payment method - MPP

Mandatory split payment method

Split payment method

The split payment method (MPP) in a mandatory form for some transactions enters into force from November 1 2019.

MPP includes invoices for transactions that meet two conditions in total:

  • the transaction concerns the acquisition of goods and services listed in Appendix 15 to the VAT Act, which includes transactions for the purchase of goods and services mentioned so far in Annex 14, 13 and 11 of the VAT Act, covered by the reverse charge mechanism and joint and several liability, and inter alia parts and accessories for motor vehicles, coal and carbon products, electrical machinery and equipment, their parts and accessories,
  • the total receivable resulting from the invoice (ie the gross value of the entire invoice) exceeds the value of PLN 15.000,00.
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