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Ministry of Finance Rolls Out New Plans for Fighting Tax Optimization

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Entrepreneurs in Poland shake their heads in disbelief after the Ministry of Finance revealed new provisions that are to be found in the upcoming Tax Ordinance act the Ministry experts are currently working on. The lawmakers decided to focus on taxpayers who reach for individual tax interpretation which safeguards them against unfavorable decisions of fiscal authorities (which in certain cases may have devastating consequences). Ministry officials want to curb the use of such interpretations, vi Read more

Retail Numbers Drop in the Aftermath of Sales Ban

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Retail numbers dropped after the Polish government imposed a ban on Sunday trade affecting a vast majority of stores and shops in the country, many wondered what the long-term effects of such a move would be. The new legal provisions introducing the shopping embargo came into effect on the 1st of March. Economy experts as well as politicians can now see the first effects of the ban as Central Statistical Office published the official data on retail number sales in April. The act on t Read more

PKO Wants to Take Business to a Higher Level

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PKO Bank Polski, the biggest bank in Poland, came up with an initiative for small business owners who are interested in improving their condition and expanding operations. Financial institutions’ representatives say that a bank is as strong as its customers, therefore it is in the interest of the company to have account holders that enjoy steady growth and have good standing. PKO has prepared a series of workshops for entrepreneurs across the country the goal of which is to pass knowledge on Read more

Statutory Limitations Period Shortened to Six Years

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Good news for consumers, bad news for creditors. Soon, the general statutory limitations period will become shorter. Due to the upcoming changes to the Civil Code, creditors will have six years, and not ten, as it is now, to take action against dishonest counterparties who owe them money. Lawmakers decided that the general prescription period that applies to most liabilities does not need to be that long and six years is plenty of time to make a claim. The advantage of the shorter period of sta Read more

Cryptocurrencies and Taxes in Poland

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A few years ago, no one heard of cryptocurrencies. Today, it is hard to find a person who doesn’t know what Bitcoin is. Numerous businesses and individuals decided to hop on the bandwagon of the new financial trend and buy or sell virtual currencies. The Polish Ministry of Finance noticed the outburst in the number of holders of the new payment instrument. Recently, ministry officials released information for those involved in cryptocurrency trade and reminded them that they need to report cr Read more

Government Prepares a New Personal Data Protection Law Act

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Government Information Centre issued a press release informing that work on the new act on the data protection law of personal data has been finished. The government of Mateusz Morawiecki is done with preparing the regulations that will adapt Polish legal environment to EU personal data protection requirements, in particular the General Data Protection Regulation (GDPR), the successor of the Directive 95/46/EC on the prot Read more
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