Further amendments on financial statements
As of 1 October 2018, companies will no longer prepare paper financial statements. After more than six months of implementation of the new regulations, we can make an initial assessment of their application in practice.
Further amendments to the Water Law
The new Water Law entered into force on 1 January 2018. Since then, the law has been amended several times, and one such amendment has just come into force. Some provisions of the act concerning water permits have been changed as of 20 September 2018. The system of fees for water services has also been slightly modified. Moreover, several dozen changes have clarified these regulations.
The split payment mechanism
Regulations introducing the split payment mechanism for VAT entered into force in Poland on 1 July 2018. This mechanism in B2B transactions is designed as a weapon in the fight against VAT fraud.
Split payment mechanism: Apparent and hidden benefits
Businesses are not required to use the split payment mechanism. But the initiative left to them does force them to examine whether it would be worthwhile to take advantage of this new instrument. Lawmakers went to some effort to encourage taxpayers to say yes.
Split payment and the legal situation of financing banks
The split payment mechanism for business-to-business transactions entered into force on 1 July 2018. Introduction of this mechanism was motivated by the aim of closing gaps in the tax system. But split payment affects not only the situation of VAT payers, but also banks.
Possible growth, but also more problems: Split payment in factoring
Factoring is growing rapidly in Poland. According to the Polish Factors Association, the value of receivables that are the subject of factoring is growing year on year by an average of 18%. Introduction of split payment may strike at the financial liquidity of firms seeking financing, but it may also drive growth in the factoring industry. But every rose has thorns. Split payment complicates factoring transactions and introduces new risks for factors.
Green light for autonomous vehicles in Poland?
Will the amendment to the Road Traffic Law draw investors wishing to test autonomous vehicles in Poland?
Important changes affecting companies registered in Poland
On 15 March 2018, the Act of 26 January 2018 amending the National Court Register Act and certain other acts came into force. Some of its provisions will come into force subsequently successively up until 1 March 2020.
As of 15 March 2018, does at least one management board member have to have a PESEL number?
Concerns about amendment to the National Court Register Act
Who must conclude a written contract for supply of agricultural products?
Long-awaited regulations limiting the scope of the duty to conclude written contracts for supply of agricultural products went into force on 22 August 2017. Under the new rules, the requirement for written contracts applies only to supplies of defined groups of agricultural products from farmers operating in Poland.
New approach to pursuing private claims for damages for infringement of competition law
An act seeking to strengthen the position of private claimants seeking damages for violation of competition law entered into force in Poland on 27 June 2017. A wave of articles have washed through the legal and business press with nearly identical titles stressing that it will be easier to win damages for losses caused by anticompetitive arrangements. But is that really the case? It will certainly be easier to try.
Pharmacies for pharmacists—but what about patients?
The amendment to the Pharmaceutical Law adopted under the slogan “pharmacies for pharmacists” entered into force on 25 June 2017. What are the strict regulations supposed to protect pharmacists against: a shortage of customers, or excessive expansion of their own business? How will this amendment function, and is there another one ahead under the slogan “pharmacies for patients”?
