Month: September 2021

Art lovers can often impress us with an extensive collection that they have been completing for years. They complete items of their collections during auctions, purchase works of art directly from creators, search for them in antique shops or receive them as gifts. Private collections have material, sentimental and collector value for them. But what happens when as a result of their life situation collectors are forced to sell works? How will they be able to sell them? Will they pay tax on this account?

Olga Sulewska from the GWW private client  advisory team answers these questions: http://lexplorers.pl/czy-zbywanie-dziel-sztuki-zawsze-bedzie-opodatkowane/
 

GWW advised the shareholders of Baltic Wave on the sale of the entirety of its share capital to MA Investment. We can read about this transaction in:

• Lawyer Magazine: https://www.lawyer-monthly.com/issues/2021/09/85/
• CEE Legal Matters: https://ceelegalmatters.com/poland/17449-act-legal-poland-and-gww-legal-advise-on-baltic-wave-hotel-acquisition-in-kolobrzeg

Baltic Wave is currently investing in a 5-star Baltic Wave hotel in Kolobrzeg, Poland, which will operate under the Crowne Plaza brand. The hotel will ultimately comprise 468 apartments on 14 floors, complete with an infinity edge swimming pool, a luxury spa and wellness area, restaurants and cafes, and a modern conference space capable of accommodating 500 people. It will also operate on a self-service model. The GWW team included partners Jakub Obiegly and Marek Szymanek.

The issue of VAT sanctions has been widely commented in recent days, mainly due to the judgment of the Court of Justice of April 2021, Grupa Warzywna vs. the Director of the National Tax Chamber in Wrocław (C-935/19), in which the compliance of national regulations relating to VAT sanctions was challenged on the background of the principle of proportionality. But not only. Recently, administrative courts – referring to the principle of proportionality – are more and more eager to revoke decisions of tax authorities regarding the determination of additional tax liability.

This topic is discussed by GWW's VAT expert, Małgorzata Militz, in the September issue of Przegląd Podatkowy.

The first page of the article is available here: https://gww.pl/media/publications/pdfs/Face_lifting_czy_gruntowny_remont_w_sankcjach_VAT-owskich.pdf

Finally, we are able to present a new publication, Beneficial Ownership Registers, now available to buy. Aldona Leszczyńska-Mikulska and Tomasz Piejak, lawyers from GWW’s Private Client team, are authors of the chapter pertaining to Beneficial Ownership Registers in Poland.

Beneficial Ownership Registers, a book co-published with STEP, the world’s leading organisation for private wealth professionals, provides an in-depth analysis of the beneficial ownership registers legislation in a number of EU jurisdictions. It also looks at similar initiatives in other leading international financial centres, including the US.

See more: https://www.globelawandbusiness.com/books/beneficial-ownership-registers-the-step-handbook-for-advisers

In order to remit a tax, tax authorities must consider the premises of a material private and social interest, and then take into account the more important one. Forgiving debts, although crucial for the taxpayer, does not necessarily bring any importance for the society. In such a case, the arrears cannot be remitted – this is the conclusion that can be drawn from a recent judgment of the Voivodship Administrative Court in Opole.

The judgment is commented on by Maciej Siejbik, a lawyer from the GWW income tax team: https://www.prawo.pl/podatki/wazny-interes-podatnika-i-interes-publiczny-przeslanki-do,510224.html

We are delighted to announce that Tomasz Krzywański from GWW Private Client team has become the exclusive IR advisor for Tax (Private Client) in Poland. He has joined the IR Global network which aims to provide comprehensive bespoke advice to meet the most complex client requirements.

IR Global is a multi-disciplinary professional services network that provides legal, accountancy, financial advice to companies and individuals around the world.

See more: https://www.irglobal.com/advisor/tomasz-krzywanski/