The President signed SLIM VAT 2
Work on another important amendment to the Law on Goods and Services Tax is coming to an end. The SLIM VAT 2 package has been signed by the President. It is now waiting to be published in the Journal of Laws.
The main purpose of the amendment is to make it easier for entrepreneurs to perform VAT settlements.
The new regulations will introduce easier input VAT deductions, longer deadlines for using bad debt relief or the possibility of transferring funds between VAT accounts, which will certainly improve the company’s financial liquidity – says Grzegorz Arczewski, tax advisor at Thedy & Partners.
The simplifications will take effect from 1 October 2021, with the changes regarding adjustments to import of goods and neutral settlement of WNT, import of services and domestic supplies subject to reverse charge to take effect from the day after the law is announced in the Journal of Laws. The possibility to pay KRUS contributions from the VAT account, on the other hand, will be possible from 1 January 2022.
The changes introduced under the first VAT SLIM are effective from the beginning of 2021.