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Tag: #Poland

Amendments to the polish law on gambling entered into force

Published: Olena Vydysh | 06.09.2017 | news

The amendments to the Polish Law on Gambling, adopted on November 19, 2009, entered into force in two parts in April and July, 2017. The changes imply new obligations for Internet providers and payment service operators with respect to online betting. According to the Amendments, as of April 1, 2017, the Ministry of Finance of Poland is obliged to create a special register of prohibited Internet domains, which includes the domains used for the unauthorized organization of gambling in the country. The register is available following this link: https://hazard.mf.gov.pl/ In accordance with the changes, since July 1, 2017, Internet service providers are required to block access to the websites using the domain names entered in the registry of prohibited domains. The Internet providers have to remove the domain names of unlicensed operators from IT systems within 48 hours after the appearance of the domain name in the registry. The amendments to the law also prohibit the operators of the payment systems to provide the services on the websites that use "prohibited" domains. In the case of providing payment services on such sites, the suppliers are obliged to cease the cooperation with...

The fight against tax evasion in Poland

Published: Sergey Panov | 04.05.2016 | news
Payment of taxes. Poland

The new amendment to the tax legislation, which introduced anti-avoidance applies to all types of taxes (excluding value added tax (VAT), which offers other provisions in order to prevent evasion of VAT). It prevents the taxpayer to obtain a tax benefit as a result of artificial transactions.According to a draft legal transactions aimed at obtaining tax benefits, contrary to tax legislation should not result in a tax benefit.The transaction is considered to be artificial if it is carried out by a taxpayer whose objectives are contrary to tax legislation. However, taxpayers have the right to use "fixing the opinion" to the Minister of Finance, which includes a description of the planned transactions and their economic objective in use. The Minister shall consider the application and decide whether the described transaction designed to evade tax.The main objective of this innovation - is a multinational company which minimize their tax liability in Poland, through the application of measures of tax evasion.Therefore, the Polish Government proposes duly documented business solutions and plan business considering the new amendments.Author: Sergey...

Changes to the tax base in Poland

Published: Sergey Panov | 25.03.2016 | news
Tax in Poland

The new government of Poland will require higher tax revenue for the planned economic reforms, said the Organization for Economic Cooperation and Development (OECD).OECD Economic Survey of Poland said that the Polish authorities should remove the value added tax (VAT) exemptions and reduced rates that were more than 2.5% of gross domestic product (GDP). This should bring higher revenues than planned increase taxes on banks and retail and will simplify the tax system.The report recommended an increase in property taxes to make them on the basis of market value.Green taxes can also increase revenue, in particular, it is recommended to remove the exemption from taxes on fuel use, increase taxes on air and water pollution, as well as to increase the tax on emissions by vehicles. These measures could bring additional revenue equivalent to nearly 1.5% of GDP in 2025.The report said that the government's plan to focus on improving tax compliance for the creation of additional income is appropriate.VAT evasion has increased considerably over the past few years. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Financial Institutions Tax (FIT) in Poland

Published: Sergey Panov | 29.02.2016 | news
Poland University

The Polish Parliament adopted the bill introducing a new tax on financial institutions (called also a bank levy). The bill was passed for signature of the President. It entered into force from February 1, 2016.Generally, the tax applies to banks, credit unions, lending institutions, as well as insurance/reinsurance companies.The new tax applies also to Polish branches of foreign banks (credit institutions) and foreign insurance/reinsurance companies. The funds are out of scope.According to the new law, the tax base is defined as the surplus of total assets disclosed in the financial institution’s accounting books exceeding certain amount calculated at the end of each month.In the case of banks and credit unions, as a rule, the tax base will be decreased by the amount of their equity.Author: Sergey Panovmanaging partner Finance Business...