SLIM system for taxpayers in Poland
Poland continues to support business. From now on, VAT payers will be able to take advantage of the new rules for the payment of value-added tax initiated by SLIM. The full launch of the system will be completed no later than January 2021. This system greatly simplifies the rules for taxpayers and provides a simple and transparent reporting mechanism.
In particular, invoices are issued in a simplified manner. Billing is now carried out in a simplified manner, for correction invoices, where the amount of taxation has been reduced. As for VAT increased invoices, they will be allowed in the same tax period as the original invoices.
Exporters will save on advance payments from zero-rating if the goods are displayed no later than six months after payment. Before the introduction of the innovations, the deadline was only 2 months. Taxpayers will be able to use the currency exchange rules for VAT. These rules are used for personal income tax or corporate income tax. Now Polish business will use a unified exchange rate for all types of taxation.
In addition, under the SLIM system in Poland, it is possible to receive tax deductions for up to 4 months after financial transactions. This eliminates the need for frequent value-added tax adjustments.
Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information. Also, please visit our website for further updates.