In October a new bill was enacted from the 18th of October 2024 concerning changes to the law of providing economic information and the exchange of economic data enabling economic inquiry offices to share economic data in easier and more sufficient ways to clients who are interested in cooperation with such offices occasionally. The economic inquiry offices shall now upload some information on their websites along with prices for these services set by their directors.
The new legal regulations introduced this month pertain especially to personal income tax according to which entrepreneurs can now decide to choose the payment method of settlement of their income taxes and tax deductible costs (so called: “cash – based PIT”). The main feature of this method is the possibility of fixing the date for revenues resulting from business activities and deduction of costs after the payment of receivables. Taxpayers can now be allowed to apply these regulations to their business activities if they meet conditions set out within the new law. For instance, if the amount of revenue gained in the financial year following a given tax year did not exceed the amount of 1 Million PLN. The taxpayer shall in general inform the appropriate tax office by the 20th of February of the tax year in the written form about their choice of “cash -based PIT” method.
Further important legal changes concerned changes to the act on providing aid to entrepreneurs engaging soldiers serving especially within the Territorial Defense Force (TDF) and Active Reserve (AR). The aid is intended to give some tax relief. As a result, it will be possible for instance to deduct from the tax base the amount of 12 000 PLN if the engaged solider is performing military services on a permanent basis for at least one year.
In October of this year new regulations were introduced to the act on lobbying activities within the legislative process. According to this new regulation if a legislative bill is introduced into the Polish Parliament (“Sejm”) public consultations can be carried out in line with principles laid down in the bylaws of the Sejm. Consultation means any comments filed online on the draft of the bill by individuals or entities.
Last but not least, significant amendments were also introduced to the act on compulsory insurance, the Insurance Guarantee Fund and the Polish Motor Insurer’ Bureau and insurance and reinsurance activities implementing DIRECTIVE (EU) 2021/2118 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 November 2021 amending Directive 2009/103/EC relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability in Poland. The key regulations encompass in particular new definitions of “motion of a vehicle”, “putting a vehicle into motion” and change of the amount of guaranteed sums such as at a minimum of 29 876 400 PLN with regard to personal injuries and 6 021 600 PLN with regard to property damage.
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