From 01.01.2021 limited partnerships will become taxpayers of corporate income tax. Until then, limited partnerships will remain tax transparent and only their partners will be taxed. Whereas from that date limited partnerships will be taxed similarly to limited liability companies. The reduced tax rate will be 9% – if annual revenues are not more than EUR 2 million, and 19% in other cases. In addition to income taxation of the partnership itself, the partnership’s profits paid to its partners will be taxed as well. Partners of limited partnerships will be subject to taxation on their income in relation to their share in the partnership’s profit.
These changes were introduced by the Act of 28.11.2020 amending the act on personal income tax, the act on corporate income tax, the act on flat-rate income tax on certain revenues earned by natural persons and some other acts (Journal of Laws of 2020, item 2123, of 30.11.2020).
The possibility to postpone the date
The limited partnership may decide that the amended provisions will apply to this partnership and both the revenues and the costs related to participation in this partnership from 01.05.2021. In such a case, the limited partnership obtains the status of a corporate income tax payer as of 01.05.2021.
Important: The decision to make use of the abovementioned possibility must be taken by 31.12.2020. As a rule, if nothing else results from the deed of limited partnership, this decision must be made by the partners in the form of a resolution.
The requirement to close the accounting books
In any case, the limited partnership is obliged to close the accounting books on the day

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,