News: Poland Introduces SLIM System for VAT Payers

Poland has taken another measure to support business. In particular, now VAT payers will be able to take advantage of the new rules for the payment of value-added tax by the SLIM initiative. The system is expected to be fully operational no later than January 2021. It greatly simplifies the operating rules for taxpayers and provides a simple and transparent reporting mechanism.

Billing is now carried out in a simplified manner, using adjustment invoices, where the amount of taxation has been reduced. With regard to VAT increased invoices, they will be allowed in the same tax period as the original invoices.

Exporters will be able to save on advance payments from a zero rating if the goods are displayed no later than six months after the payment. Before the introduction of changes, the deadline was only 2 months. Taxpayers will be able to use the currency exchange rules for VAT, which are used for personal income tax or corporate income tax. Thus, a unified exchange rate for all types of taxation is established for Polish business.

In addition, under the SLIM system in Poland, it is possible to receive tax deductions for up to 4 months after financial transactions, which eliminates the need for frequent adjustments of value-added tax.

Law&Trust offers legal services to corporate clients in Poland. Employees of our company will tell you more about the SLIM VAT system and will help you adapt the documentation to new requirements.