According to Reuters, Leaders of the world’s 20 largest economies have backed an agreement on a minimum global corporate tax that aims to eliminate tax evasion of big businesses. The Minimum Corporate Tax Transaction is a coordination agreement under which large corporations will face a minimum of 15 % tax from 2023. As a result,…
German citizens hoarded almost 11.9 billion euros in 2019 on the Island Guernsey in Britain, also known as the “tax haven”. Most of the offshore companies are registered on this island. The German edition Die Süddeutsche Zeitung writes about this on Tuesday, September 7, based on data from the German Federal Ministry of Finance. According…
The European Commission has presented the EU Green Deal environmental plan, which aims to reduce emissions by 55%. First, a cross-border carbon duty (Carbon Border Adjustment Mechanism (CBAM)) will be introduced to restrict imports of steel, aluminum, cement, fertilizers, and electricity to the EU. The scheme will be launched in test mode from January 1,…
The consequential and regularly developing technology brought by the new era is rapidly changing businesses. Companies are investing in big data, automation, and artificial intelligence solutions to improve their business capacities. The pandemic has also pushed companies to accelerate the existing digitalization plans to have data and processes continuously available and operable securely to ensure…
From 1 March (and not 1 January, as the Sejm wanted) tax collection and safety of public finances in Poland will be handled by National Fiscal Administration (KAS). Before taxpayers and officials there is a great tax administration reform. According to the announcement from Marian Banaś, who will stand in charge of the unit from…
Details of the plans to introduce further changes that are to make Polish fiscal system more flexible and friendly are regularly presented to public opinion by Polish Deputy Prime Minister and the Minister of Development Mateusz Morawiecki. However, he believes the changes should not be revolutionary, but rather improve how the system works systematically. The…
Poland’s government is not afraid to take bold steps when it comes to the taxation system. Earlier this year, the ruling party made some changes to the CIT tax. A reform programme aiming at increasing the VAT revenues is under way, and work on a single tax in the place of several mandatory employee contributions…
New changes in VAT tax coming up. Polish government has come up with some new ideas for closing the VAT gap. The amendments are planned to come into force on 1 January 2017. The Ministry of Finance decided to keep current goods and services tax rates at the same levels as in 2016 (0%, 8%…
The European Commission suspended the retail tax that was recently introduced by the Polish government. The press release published on Monday states the institution is concerned that the new regulations may not be compliant with EU laws. According to the new tax provisions, all Polish retail businesses in have to pay a levy on their…
The much anticipated by the government (less so by store owners) retail tax bill has finally reached the end of its legislative path. Last week, the final step was taken by the President of Poland Andrzej Duda who placed his signature on the act introducing the new levy. The lawmakers were working on the so-called…
