Safe harbour for intra-group loans – new margin level
As of 1 January 2019 taxpayers may (under certain conditions) benefit from a safe harbour in controlled transactions including loans, credits and bond issue.
The Act amending the SLIM VAT legislation has been passed is now awaiting the President’s signature and promulgation in the Journal of Laws. It comes into force on 1 January 2021. The Act sets forth, without limitation, new rules for recognizing negative correction invoices by the seller and the buyer.
Today, at 11:00 a.m., the Organisation for Economic Co-operation and Development (OECD) released the long-awaited document “Guidance on the transfer pricing implications of the COVID-19 pandemic”.
The end of June and the beginning of July 2020 saw several legal acts amending the tax scheme reporting obligations and deadlines for compliance therewith. The deadlines for reporting according to amended rules were deferred, but the deferment period ends in December 2020 for the first group of entities obligated to report.
In one of our previous newsletters we informed about the proposed changes to transfer prices, including the COVID-19-related simplifications.
These were introduced upon the Act of 28 November 2020 amending the personal income tax act, corporate income tax act, flat rate income tax on selected earnings of natural persons and other selected acts (Journal of Laws item 2123), promulgated on 30 November 2020.
At the end of October, the Ministry of Finance, Funds and Regional Policy published a bill of amendment to the VAT Act and some other acts, which adapts the Polish regulations to the EU law known as VAT e-commerce package.