Poland expresses income tax and VAT limits in PLN

SUNNYVALE, Calif. - Oct. 18, 2013 - PRLog -- Poland has decided to convert certain income tax and VAT thresholds to PLN (Polish Zloty), reports Nair & Co.’s International Tax Team. Effective 1 January 2014, certain domestic income tax and VAT thresholds will be converted, as follows, to PLN at an exchange rate of EUR 1 = PLN 4.2230 and rounded off up to PLN 1,000.

Small taxpayers – qualification limits for income tax and VAT purposes will be set at an annual turnover of PLN 5,068,000 (Euro 1,200,000) including VAT.
Agents and commissionaires – will have the above limit set at PLN 190,000 (Euro 45,000) for VAT purposes only.
Investment incentives – will be available to small taxpayers and new entities, either corporate or individual taxpayers, with a provision for immediate depreciation to be written-off on fixed assets (classification groups three to eight, except for personal automobiles) at PLN 211,000 (Euro 50,000).
Simplified tax administration – will apply to lump-sum taxation for certain professions and will be set at PLN 633,450 (EUR 150,000).

Businesses with VAT-able operations in Poland and those that are looking to seek benefits under the investment incentives regime are advised to take note of the new thresholds.

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