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President signs off on economic deregulation package


2012-12-03



President Bronislaw Komorowski on 30 November signed into law the so-called third economic deregulation bill, a package of legal changes intended to ease some of the administrative burdens on business, particularly small firms, and help companies deal with payment bottlenecks and liquidity issues. They will come into effect as of 2013.

The centrepiece of the law are changes to VAT regulations. Under the new rules, companies using cash accounting (an option available to firms with annual revenues of up to €1.2m) will not have to pay output VAT on unpaid sales invoices under any circumstances. They will pay it only on what they have actually received from customers. (At present such firms are only allowed to postpone the payment for a maximum of 90 days, regardless of whether they are paid or not). At the same time, firms that use accrual accounting will be able to claim the “VAT bad debt relief” already after 150 days instead of 180. The procedure itself will also be simplified. Other changes will strengthen the position of the supplier of goods and services versus the non-paying customer. The law also liberalises some tax, reporting and registration requirements and procedures and laws pertaining to lease contracts.



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