Pułka and Partners law firm

Optimal legal solutions for corporate clients

Our Law Firm is a member of the DPJV

(Polish-German Lawyers Association)

Report on payment dates in commercial transactions must be submitted by January 31, 2021

According to art. 13a sec. 1 of the Act of March 8, 2013 on counteracting excessive payment delays in commercial transactions, which entered into force on January 1, 2020, entities with a turnover exceeding EUR 50 million (even if they are not large entrepreneurs) and tax capital groups, regardless of revenues, are required to submit electronically to the Ministry of Development, Labor and Technology, by 31 January of each year, a report on payment dates in commercial transactions used by these entities in the previous calendar year. However, it should be remembered that the report covers the previous calendar year, regardless of the tax and balance sheet years adopted in the company.
The abovementioned report must contain the following data:
1) name of a company and tax identification number;
2) the value of payments received in the previous calendar year within a period:
• not exceeding 30 days,
• from 31 to 60 days,
• from 61 to 120 days,
• exceeding 120 days
– from the date of issuing an invoice or a bill confirming the delivery of goods or the performance of service;
3) the value of payments made in the previous calendar year within a period:
• not exceeding 30 days,
• from 31 to 60 days,
• from 61 to 120 days,

read more

Risks related to balance confirmation

Companies often forget that confirming balances is more than just checking amounts. In particular, problems may arise in the case of disputed or doubtful claims.

What is included in the balance confirmation

The Accounting Act requires, in principle, confirmation of the balance of receivables. On the other hand, the Accounting Act does not require sending confirmation of the balance of liabilities.
As at the balance sheet date, all assets and liabilities should be inventoried. Entities perform the annual inventory in three ways, depending on the asset or liability they are dealing with. And so, the annual inventory is carried out by way of:
• physical inventory,
• balance confirmation,
• comparison of accounting data with relevant documents.
The method of balance confirmation involves obtaining statements from contractors and banks on the items appearing in the accounting books. This method is used to determine the balances of financial assets held in bank accounts or held by other entities, receivables, including loans, and own assets entrusted to contractors.
However, as practice shows, entities send requests to their contractors for confirmation of the balance of liabilities, assuming that this is a solution that allows to reliably verify the balances.

The lack of balance confirmation

read more

TRAINING COURSES AND SEMINARS

We organize training courses and workshops which suits our client’s needs as for the scope of the issues covered, time and the place of the course.

GDPR WORKSHOPS
The workshops are addressed to all the companies and are aimed on getting acquainted with the revolutionary changes to the protection of personal data.

LEGAL ASPECTS OF COMPLAINTS MADE BY END CUSTOMERS
Training addressed to all producers and service providers who, as part of their business, sell goods and / or services to consumers and / or other entrepreneurs and provide the quality guarantee for these goods / services.

NORMALIZED RULES OF COMMISSION AND EXECUTION OF THE CONSTRUCTION SERVICES (VOB)
This training is directed to all entrepreneurs realizing investments or cooperating in them, where construction services contracts and special engineering services contracts are concluded on the basis of model conditions of contract VOB (Normalized rules of commission and execution of the construction services).

Worth to know


Report on payment dates in commercial transactions must be submitted by January 31, 2021
According to art. 13a sec. 1 of the Act of March 8, 2013 on counteracting excessive payment delays in commercial transactions, which entered into force on January 1, 2020, entities with a turnover exceeding EUR 50 million (even if they are not large

read more...
Central Register of Beneficial Owners (hereinafter: “the Register”) maintained by the Minister of Finance.
The obligation to submit reports on beneficial owners to the Register results from the art. 55-71 of the Act of March 1st, 2018 on counteracting money laundering and terrorism financing, which implements the Directive 2015/849 of the European

read more...
Risks related to balance confirmation
Companies often forget that confirming balances is more than just checking amounts. In particular, problems may arise in the case of disputed or doubtful claims. What is included in the balance confirmation The Accounting Act requires, in

read more...
CONDITIONS FOR ENJOYING THE RESEARCH AND DEVELOPMENT RELIEF
In order to enjoy a tax relief specified in art. 18d of the Act of 15.02.1992 on Corporate Income Tax (hereinafter: “the CIT Act”), a taxpayer must perform activities that meet the conditions for recognizing them as research and development

read more...
ARE SERVICES PURCHASED FROM RELATED ENTITIES EXCLUDED FROM TAX COSTS?
On 18.05.2020 the Head of the National Tax Information issued a very important individual interpretation regarding services purchased from related entities in the context of their exclusion from tax costs, referred to in art. 15e sec. 1 of the

read more...
RECOMMENDATIONS OF THE PERSONAL DATA PROTECTION OFFICE ON SAFE USE OF VIDEO CONFERENCES
Video conferences gained practical significance during COVID-19 epidemic. However, the use of such a useful everyday work tool is not always carried out in a way that guarantees maximum protection of your own data and the data of all participants.

read more...
THE GRATUITOUS SURETY IS SUBJECT TO TAXATION
In a judgement of 16.01.2020 (case no. II FSK 373/18) the Supreme Administrative Court (hereinafter: “SAC”) confirmed the position of the tax authorities that a surety, in order to secure a credit in exchange for an obligation to grant a surety,

read more...
How the property remaining after liquidation is divided
Until the moment of crossing out from the National Court Register, the company in liquidation has the possibility to conduct its current activities, which may generate additional costs for it - for example: those resulting from the necessity to rent

read more...

Ta strona używa cookie. Korzystając ze strony wyrażasz zgodę na to, zgodnie z aktualnymi ustawieniami przeglądarki. Więcej informacji

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close