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Poland - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
The rate of the corporate tax is 19% since January 2004. Capital gains are taxed to 20%
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Taxe rate on long-term capital gains |
Capital gains are taxed to 19%
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
Dividends are subjected to a deduction at the source at the rate of 15%, reduced to 5% if the actual beneficiary is a company which owns at least 10% of the capital of the distributor company.
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Tax rate on branches |
Branches are taxed at the rate of 19% in Poland.
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Income tax
Fiscal year |
The fiscal year begins on January 1st and ends on December 31st of the same year.
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Income tax rate |
Tax schedule 2005:
| Income | Rate | | 0 - 37 024 PLN | 19% of taxable base minus PLN 530.08 | | 37 024 - 74 048 PLN | PLN 6,504.48 + 30% of excess over PLN 37,024 | | > 74 048 PLN | PLN 17,611.68 + 40% of excess over PLN 74,048 |
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Tax deductions or
other allowances |
In Poland, taxpayers benefit from various deductions:
-Various donations (sciences, charitable organizations etc.) are deductible up to 10%, 15% in some cases.
-deductions for the purchase and construction of real estates.
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VAT rates
Standard rates |
The base rate is 22%.
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Reduced rates |
Supply of Internet connections has a reduced rate of 7% (except those supplies for educational purposes, which are exempt). 0% on unprocessed food. 3% on sale of non-processed agricultural products. Press Publications 7%. Certain specialist periodicals remain 0%. The exemption on vehicle leasing has been extended to passenger cars (prev only van & trucks). 12% on toys
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Other important taxes
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Name of tax |
Rate |
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Donations and successions
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7%
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Land taxes
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Variable rate depending on the property.
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Stamp duties
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2% to 5%
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Accounting
Introduction
Polish accounting rules are determined by the Ministry of Finance.
General accounting principles
The balance sheet is presented into accounts with liabilities composed of constant capital and debts, because there is a distinction between long and short-term debts.
The profit and loss account gives priority to the repository of the global production and lets the choice of the cost classification either by nature or by function.
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Obligations and publications
Companies have to produce a balance sheet, a profit and loss account and annexes.
Certification and auditing
The external control of accounts must be given to a body of auditors chosen by the company.
Professionals and representative organizations
Accountants associations have some difficulties to get organized, because of the importance of the State in the accounting system.
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Last modified in
January 2005
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