Gianmauro Nigretti - POLAND - corporate and tax highlightS

POLAND 2016

GEOGRAPHY AND POPULATION

CAPITAL:

WARZAW

POPULATION:

38,5 MILLION

POLITICAL SYSTEM:

LEGISLATIVE PARLIAMENT

FORMS OF BUSINESS ORGANIZATIONS • Limited partnership • Limited joint stock partnership

• Limited liability company • Joint stock company

ACCOUNTING The annual financial statements must: • Consist of a balance sheet, profit and loss statement, statement of changes in equity, a cash flow statement and notes to the financial statements, including an introduction to the financial statements, as well as additional information and commentaries; • Be prepared no later than 3 months after the end of the financial year; • Be approved by the shareholders at the company’s General Meeting no later than 6 months after the end of the financial year; • Be sent to the Tax Office and filed with the Krajowy Rejestr Sądowy (National Court Register) no later than 2 weeks after the approval at the General Meeting; • Be published in the Commercial Bulletin.

CORPORATE TAXATION • The standard corporate tax rate is 19% • DTT OECD model convention • DTT with 60 countries

INDIVIDUAL TAXATION As a general rule, natural persons in Poland are subject to personal income tax calculated in accordance with a progressive tax scale with income thresholds of 18% and 32%. Pogressive scale.

VAT • 23% Standard • 8%

Health and service

• 5%

Food

• 0% Exports of goods outside the European Union and intra - Community supplies of goods.

DISCLAIMER This publication must not be regarded as offering a complete explanation of the taxation and corporate matters that are contained within this publication.

This publication has been prepared on the express terms and understanding that the publishers are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication.

The publishers and the authors expressly disclaim all and any liability and responsability to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person, and ensuring that such edvice specifically relates to their particular needs.

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Web Site: www.shermannigretti.it E-mail: info@shermannigretti.it Tel. +39 (0)2 7722951 Mob. +39 335 6030346 Twitter: @ShermanNigretti