Changes to taxation in 2016

New rules for making adjustments to costs as of 1st January, 2016.

Correction invoices will be processed on an ongoing basis without the need to do this retrospectively. The new regulations apply to adjustments on revenue and expenses arising which are a result of events that change the taxable base. For example, tax rebate, negotiating a price reduction or return of goods, as a result of an amicable settlement.

Requirement to reduce tax-deductible costs was abolished from January 2016

The year has begun with regulations on the obligation to adjust (reduce) tax-deductible costs, in cases where liabilities towards business counterparties are not paid within the agreed time, will cease to be applicable.

Three rates of interest on tax arrears in 2016

At the beginning of the year three rates of interest on tax arrears will apply. The base rate will be double the rate of the Lombard rate and 2%, before it was 8%. The lowered rate of interest will be 50% of the base rate, while the increased rate will be 150% of the base rate per annum.

Under the new mandate the keeping of records for the purposes of excise duty

More orderly rules for invoicing goods that are subject to excise duty, taxation of trade in dried tobacco leaves, and new rules for keeping records and documents for tax and inspection purposes – these are the changes being introduced in the amendment to the Act on Excise Duty.

Source: Wydawnictwo Wiedza i Praktyka Sp. z o.o. (December 2015)