On 11 May 2021, the Supreme Court will decide on fundamental legal issues regarding foreign currency loans concluded with consumers and legal principles introduced on this basis will determine the way of proceeding cases by the court.
What does it mean? See the article of our experts for details. https://gww.pl/pl/publikacje/kredyty-frankowe-co-zrobi-sad-najwyzszy/
Will the changes in respect of single control files announced by the Ministry of Finance turn out a simplification for companies? Will there be time to adapt to these changes? Accountants and tax advisors point out that the change will entail the necessity to constantly verify and correct submitted files.
The source of the problem lies in the willingness of the Ministry of Finance to introduce the obligation to assign the SPM code to every "transaction covered by the split payment mechanism". As Krzysztof Czekaj, tax advisor at GWW, underlines, the draft regulations themselves do not specify "what was meant by the author", however analysis of the justification for the changes leaves no doubt. It says that not only transactions subject to the obligation to apply the split payment mechanism are to be marked with the SPM code, but also those in which this mechanism is applied voluntarily.
– Considering the fact that in the case of voluntary payment with the use of the split payment mechanism, it is only the buyer of the goods/service (the entity that has received the invoice) who decides whether it is to be made in this way, this will require the seller to verify the bank account in terms of the method of payment by the contractor and the effect of this verification on entries in the JPK_VAT file – emphasizes Krzysztof Czekaj.
In his opinion, it is clear that not only does this change fail to "meet the expectations of taxpayers", but it will create a significant additional burden on the financial and accounting services.
The article with our expert's comment was published on Prawo.pl: https://www.prawo.pl/podatki/nowelizacja-przepisow-o-jpk_v7-kwiecien-2021,507512.html
The Ministry of Finance has recently presented a draft amendment to the regulation, which is to clarify the provisions on JPK (Standard Audit File).
Zdzisław Modzelewski, tax advisor, partner at GWW Tax, comments on the draft amendment to the regulation in an interview with Monika Pogroszewska.
The interview can be downloaded below.
https://www.rp.pl/VAT/304019947-JPK-ministerstwo-dostosowuje-przepisy-do-wlasnych-wyjasnien—rozmowa-ze-Zdzislawem-Modzelewskim-doradca-podatkowym.html%20
On 30 March, the Sejm Infrastructure Committee adopted a draft act aimed at re-regulating the principles of purchasing flats on the primary market. Establishment of the Development Guarantee Fund is the main novelty. It is the entity to which contributions from the price of each new flat are to be paid. The contribution is to depend on what trust bank account used by the developer. Most of the market is based on open accounts. The contribution will then amount to a maximum of 2% of the flat value.
Comments from real estate law experts: Paweł Wójcik, managing partner at GWW legal, attorney-at-law, Konrad Płochocki, general director of the Polish Association of Developers, attorney-at-law, prof. Bartłomiej Gliniecki from the University of Gdańsk.
The article was published in today's issue of Rzeczpospolita: https://www.rp.pl/Nieruchomosci/303319910-Nowa-ustawa-deweloperska—legislacyjna-fuszerka-w-Sejmie.html
On the occasion of the forthcoming Easter, we wish to give you our best wishes. May Easter this year bring you a lot of health. We wish you as many as possible joyful and beautiful moments this spring!
Best wishes from GWW partners and associates
Despite announcements of the government, the new regulations on family foundations may not be as favorable as stakeholders might expect. All because of imprecise tax regulations. It may turn out that foundations will not be able to benefit from tax exemption so easily. It is also unknown how they will calculate tax costs.
In the opinion of Aldona Leszczyńska-Mikulska, attorney-at-law and partner at GWW Tax, supervisor of the private client advisory team, these tax benefits give an advantage to the family foundation over any other solution currently available in the Polish law. – On the other hand, operations of the family foundation will be taxed according to general rules, which does not bring such spectacular benefits (lack of 9% CIT). I do believe, however, that due to the purpose of setting up the foundation, it is not a significant defect of the draft act – notes the expert. In her opinion, the problem of many people setting up private foundations abroad was the taxation of benefits provided to beneficiaries by the foundation during the life of the founder or after his death. Income obtained by natural persons from a foreign foundation was subject to taxation, in the best option with a 20% tax on inheritance and donations or a PIT tax (17 or 32%). According to the draft act, the income of the founder and the beneficiary from the so-called the zero group (the closest family members – a spouse, parents, children, siblings) received from the family foundation, will not be subject to PIT taxation.
The article with a commentary by Aldona Leszczyńska-Mikulska was published on Prawo.pl:
https://www.prawo.pl/podatki/korzysci-podatkowe-dla-fundacji-rodzinnych-w-projekcie-ustawy,507387.html
The Polish Development Fund (PFR) announced that the process of remitting subsidies granted under the PFR Financial Shield 1.0 will start after 29 April 2021.
The issue of the legitim and the possibility of waiving it is discussed by Aldona Leszczyńska-Mikulska, supervisor of the GWW private client advisory team.
In the vast majority of cases, a company built over years is the entrepreneur's property. Immovables, fixed assets, machinery and devices that are used to generate revenues are related to it. All spare funds are reinvested by the entrepreneur or used to pay off loans. A perspective of the legitim means that even if the company is worth a lot, heirs do not have free funds to pay the legitim in cash. The sale of the company or its part destroys the entire inheritance or succession plan. As a result, instead of developing in the next generations, the family business is begining to crumble. – says Aldona Leszczyńska-Mikulska.
The article was published on Prawo.pl: https://www.prawo.pl/podatki/porozumienie-w-sprawie-zrzeczenia-sie-zachowku-aldona,507324.html
On Monday, the draft Family Foundation Act was published. What are its advantages and disadvantages? What should be changed in it to respond to the needs of interested parties? An article by Aldona Leszczyńska-Mikulska, attorney-at-law in charge of the practice of advising private clients of GWW, is available on Prawo.pl.
The tax advantage of a Polish family foundation over a foreign one may be that relatives will be exempt from the inheritance and donation tax as long as benefits paid to them come from the property contributed to the foundation by the founder. However, it is not clear whether the property acquired by the foundation during its lifetime will also be covered by the exemption – writes Aldona Leszczyńska-Mikulska from GWW.
The exper's article can be found on Prawo.pl: https://www.prawo.pl/podatki/projekt-przepisow-o-fundacji-rodzinnej-wymaga-doprecyzowania,507320.html
A draft Family Foundation Act was published on 22 March 2021. According to the announcements of the Ministry of Finance, family foundations are supposed to become part of legal transactions at the beginning of next year.
You will find the main assumptions here:.https://www.linkedin.com/feed/update/urn:li:activity:6780178483931873280
