New Fiscal Punitive Measure

Calculating Tax

Calculating Tax

Poles have time up until the end of April to submit their annual tax returns. Companies additionally need to attach their financial statements and a failure to do so is a fiscal misdemeanour as of this year under amended article 80b of the Polish Fiscal Penal Code. Thus, tax authorities have a new tool to discipline businesses which neglect to file their financial statements or auditor’s reports. The classification of this omission as a fiscal misdemeanour means that the penalty may range from PLN 175 to PLN 35,000, whereas a fine for an administrative petty offence does not exceed a few hundred zlotys. The exact amount of the fine depends mainly on the financial standing of the entity in breach of the statutory obligation. In companies the fines are typically imposed on management board members or other persons responsible for tax and accounting settlements. Both the Corporate Income Tax Act and the Personal Income Tax Act stipulate that tax payers must file their financial statements with the tax office, yet noncompliance was so widespread as to prompt the Ministry of Finance to introduce sanctions. The requirement to keep full books of account, prepare financial statements and have them audited vary depending on the legal form of the entity concerned and, in the case of natural persons and some partnerships, on their net revenues from sales in the previous financial year. The tax payers obliged to draft financial statements should remember that the obligation to submit a financial statement to the relevant tax office along with the tax return is separate from and independent of the obligation to file the same statement with the National Court Register.
Puls Biznesu

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