Stabilization of the global economy was expected at the turn of the year 2019/2020 with brighter forecasts for 2020, but the emergence of COVID-19 has since clouded the horizon for projections.
The following external factors could affect the Group’s operations in 2020:
Act of 12 April 2019 amending the Act on tax on goods and services (VAT) and certain other acts (Journal of Laws of 2019, item 1018) levied on taxpayers, as of 1 January 2020, an obligation to verify settlement accounts to which taxpayers make payments for transactions, on the (White) List maintained by the Chief of the National Revenue Administration, if the transaction value exceeds PLN 15 thousand. Payments made to accounts which are not on the List may be included in tax-deductible costs only if a respective notification is filed with the tax office within 3 days of the payment. | Increase in operating expenses, increase in operating tasks |
Act of 4 July 2019 amending the Act on tax on goods and services (VAT) and certain other acts (Journal of Laws of 2019, item 520) which:
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Modification of operating burden |
Act of 4 July 2019 amending the Act on supporting borrowers in a difficult financial situation, who drew housing loans, and certain other acts (Journal of Laws of 2019, item 1358), included in the list of costs which are non-deductible for tax purposes the payments made to the Borrowers Support Fund (Fundusz Wsparcia Kredytobiorców) and amounts for support or a loan for repayment of debt within the meaning of Art. 8a (7) of the Act on supporting borrowers who drew housing loans and are in a difficult financial situation. The Act came into force as of 1 January 2020. | Increase in tax burden |
Act of 19 July 2019 amending certain other acts to limit payment backlogs (Journal of Laws of 2019, item 1649) entitles creditors who have not received payment within 90 days of the payment deadline specified on the invoice (bill) or in the agreement, to reduce the taxation base by the unpaid amount of receivables included by the creditor in revenue receivables. At the same time, the debtor is obliged to increase their taxation base by the amount or liability included in tax-deductible costs, but not paid within the deadline. The Act came into effect on 1 January 2020, and applies to transactions with payment deadlines after 31 December 2019. | Diverse impacts on financial results and increase in operating expenses |
Act of 16 October 2019 on determining disputes related to double taxation and concluding advance pricing arrangements (Journal of Laws of 2019, item 2200), which, as of 1 July 2020, implements the concept of an agreement for collaboration. The agreement is concluded by the taxpayer with the Chief of the National Revenue Administration on the taxpayer’s request, after an audit. Over the first three years of applying the regulations, the Chief of the National Revenue Administration can limit the number of entities with which it concludes an agreement to 20. Taxpayers covered by the agreement enjoy various facilitations in the process of their tax compliance. | Modification of operating burden |