Do you remember that there is less than a month left to prepare a tax strategy?
Already 31 December 2023 is the deadline for publishing information on the completed tax strategy for 2022 (the so-called tax strategy). It is also necessary to notify the tax authority of the website address where this information will be posted.
Recall that the obligations in this respect apply to large CIT taxpayers with revenues exceeding EUR 50 million and all Tax Capital Groups.
– The provisions of the Corporate Income Tax Act indicate the information that should be published in the strategy information. For example, such information is data on transactions with related parties, the value of which exceeds 5% of the balance sheet total assets within the meaning of the accounting regulations, as determined on the basis of the company’s last approved financial statements. If the indicated limit is exceeded, the transactions must be disclosed in the information. Importantly, they do not need to be detailed and described. From the perspective of the so-called tax strategy document, it is sufficient to indicate the type of transaction and whether it was concluded with an entity that is or is not a Polish tax resident. What is absolutely worth bearing in mind is that information covered by trade secrets is not disclosed in the information on the implementation of the tax strategy. Therefore, it is worth carefully analysing which information is made public, explains Justyna Chylińska, an expert in tax transparency: tax procedures, MDRs, tax strategy, tax risk management.
Need help preparing this information? Not sure if you have prepared it properly? Feel free to contact Justyna Chylinska, tax transparency expert at Thedy & Partners.