12 June 2019
From 1 September 2019, Poland confirmed it plans to introduce a mandatory split payment regime for companies involved in business-to-business (B2B) sales within certain sectors prevalent to VAT fraud.
The split payment procedure will apply to transactions with a value above PLN 15,000 (approx. £3,100) and will be applicable to the following products:
- Steel
- Fuel and coal
- Mobile phones, tablets, digital cameras
- Passenger car parts
Once introduced, the split payment regime will mean that customers of the businesses affected will have to pay the VAT amount of these sales directly into a special government supervised bank account while paying the net amount directly to the supplier. The tax authorities can then monitor the bank account and make withdrawals in order to settle the supplier’s VAT liability.
LATEST NEWS
Belgium approves draft law for near-real-time...
July saw the Belgian Council of Ministers approve a preliminary draft law to introduce near-real-time electronic reporting of certain invoice data to the tax...
SEE MORE
LATEST NEWS
Luxembourg proposes the introduction of electronic...
This month Luxembourg’s Government approved a draft law to introduce mandatory structured business-to-business (B2B) e-invoicing for domestic transactions...
SEE MORE
LATEST NEWS
Germany's action plan signals move toward...
Germany has announced a 26-point “Action Plan” against tax and financial crime, which aims to increase detection risk, strengthen enforcement, and improve...
SEE MORE