MF wants report on all related party transactions
Dziennik Gazeta Prawna reports: "Entrepreneurs who are obliged to publish by the end of 2021 information on the implementation of the last year's tax strategy should include in it all, even the smallest transactions with related entities. They must do so if the value of such trade exceeded 5% of the balance sheet total of their assets during the year. Such a surprising standpoint is presented by the Finance Ministry in response to questions posed by tax advisors".
The editorial refers to two ministerial letters in this respect. However, there is no official position of the Ministry.
– The position is controversial, because – first of all – it does not seem to be supported by the regulations. It is pointless to provide information on all, even incidental and insignificant in amount transactions with related parties. On the other hand, if the Ministry of Finance expects such information from entrepreneurs, it should take an official stance. Both tax advisers and all entrepreneurs are waiting for it. The MF should urgently address this issue. At the same time, given the imminent expiry of the deadline for the publication of information on the implemented tax strategy for 2020, if the MF maintains its position, it should allow taxpayers to supplement this information at a later date – comments Cyprian Werykowski, tax adviser, director at Thedy & Partners.