Ladies and Gentlemen,
Pursuant to the changes introduced by the Act of July 4, 2019, amending the Act on Value Added Tax and certain other acts, from April 1, 2020, entities with large enterprise status were required to submit electronic JPK_VAT to the tax office instead of monthly VAT-7 and quarterly VAT-7K returns. The Ministry of Finance indicated that these changes were one step in tightening the VAT system, combating tax fraud and the issuance of blank invoices.
Due to the negative effects of the coronavirus epidemic, on March 20, 2020, the Ministry of Finance announced on Twitter that it was postponing the deadline for submitting the new JPK_VAT (so-called JPK_VDEK) from April 1, 2020 to July 1, 2020. The above solution is one of the elements of the so-called anti-crisis shield, i.e. the government's draft aid package for entrepreneurs.
At the same time, the Ministry of Finance announced that the deadline for submitting a report to the Central Register of Beneficial Owners has also been extended. The reporting obligation has been extended from April 13, 2019, to July 1, 2020. Companies that were entered in the National Court Register (KRS) before October 13, 2019, were required to submit their report to the Central Register of Beneficial Owners by April 13, 2020. This system collects information on individuals exercising direct or indirect control over a company. The following types of companies are subject to registration in the CBR: general partnerships, limited partnerships, limited joint-stock partnerships, limited liability companies, and joint-stock companies (excluding public companies).
Furthermore, the Ministry of Finance announced that, as part of the aforementioned anti-crisis shield, taxpayers particularly affected by the coronavirus epidemic will be able to retroactively settle tax losses in their personal income tax (PIT) and corporate income tax (CIT). Taxpayers will be able to deduct losses incurred in 2020 from their income earned in 2019. To this end, they will submit an amended tax return for 2019. The Ministry clarified that this applies to individuals whose income in 2020 will decrease by at least 50 percent compared to their income in 2019.
We are currently awaiting the publication of draft legislation implementing the solutions proposed by the Ministry of Finance. Our law firm will analyze them as soon as they appear.
