President Andrzej Duda signed an amendment to the VAT Act, introducing the Slim VAT 3 package. The main purpose of this act is to further simplify the settlement of tax on goods and services, the Chancellery of the President of the Republic of Poland announced. Małgorzata Samborska from Grant Thornton pointed out that the amendment also abolishes the tax on donations.
On Thursday, President Andrzej Duda signed the Act of May 26, 2023 amending the Act on Value Added Tax and some other acts. The main objective of this act is to further simplify the settlement of VAT, i.e. the so-called Slim VAT 3 package – indicated in the press release of the KPRP.
Drop tax
The law firm reminded that the amendment introduces changes to a number of provisions, including in the Act on Value Added Tax, the Act on Enforcement Proceedings in Administration, but also the Act on Inheritance and Gift Tax.
The changes in the regulations assume that in the case of inheritance and donation tax, the amounts up to the value of the property will be exempt from levy: PLN 36,120 – if the purchaser is a person included in the first tax group; PLN 27,090 – if the buyer is a person classified in the second tax group; PLN 5,733 – if the buyer is a person classified in the third tax group.
“This is an act that also abolishes #PodatekOdrzutek. It changes the value of the free amount for donors from the third group, but no longer contains a limit of PLN 54,180 for donations from many people. This limit was in the act that the president signed in April” – she informed on Twitter Małgorzata Samborska, tax advisor with Grant Thornton.
The deregulation act, containing controversial changes to the inheritance and gift tax, was signed by President Andrzej Duda in April. The solutions caused a wave of controversy, especially the introduction of limits for donations received from many people. So far, there have been no such restrictions. If the regulations came into force, the donations announced to finance expensive therapies for patients would be at risk.
After media publications on this matter in early February this year. Prime Minister Mateusz Morawiecki declared that he would not allow this to “in any way affect the issues of collecting funds for charity and initiatives of this type”. He informed that he had instructed the Ministry of Finance to clarify these issues immediately.
Changes, thanks to which there will be no so-called tax on donations, were proposed during the work in the Sejm on the amendment of the VAT Act, the so-called Slim VAT package 3.
Changes in taxes
The Chancellery of the President of the Republic of Poland announced that the amended act increases the VAT limit to EUR 2 million (including the amount of tax), below which you can obtain the status of a small taxpayer.
The rules and the procedure for issuing, amending and repealing binding rate information were changed, the rules for the use by the VAT payer of the conversion rate for the correcting invoice if the original invoice was issued in a foreign currency were specified, the rules for reporting the tax on goods and services by the taxpayer for intra-Community supplies of goods at the VAT rate were modified 0 percent The act also made partial unification of the rules and procedures for issuing, changing and repealing binding rate information, binding excise information, binding tariff information and binding information on the origin of goods.
Most of the provisions of the amendment to the VAT Act, and above all changes in the inheritance and donation tax, are to enter into force on July 1 this year.
photo-source">Main photo source: Grand Warszawski/Shutterstock
2023-06-03 08:32:25
#inheritance #gift #tax #signed #president
