The Polish government has delayed its introduction of the extended Polish SAF-T file as a replacement for the VAT return, until April 2020.
As reported in our earlier story, this system was initially planned to come into effect from 1st January 2020 for large companies and as of 1st July 2020 for the rest. Now, the initial start date for large companies is postponed to 1st April 2020.
To recap, a large business is defined as one that:
- Employs on average 250 employees; or
- Records annual net turnover from normal operations of EUR 50m (in PLN) and whose annual balance sheet total exceeds the equivalent of EUR 43m in PLN
(The above thresholds relate to a business’ global activity.)
Since the scope of the existing SAF-T file will be expanded to capture additional data including that which is currently reported in VAT returns, businesses will only be required to submit a single document containing all the required information, for each tax reporting period.
Businesses will be required to file the SAF-T monthly, by the 25th day of the month following the end of the tax period. Those that now file quarterly VAT returns will have to submit VAT records on a monthly basis.
Failure to submit the SAF-T or to do so incorrectly may incur penalties of PLN 500 per infraction.
Contact our VAT experts now and find out how this change could affect your business.