Poland: Reduced interest rate on voluntary payments, exchange rate for corrective VAT invoices (court decisions)
Two decisions concerning reduced interest rate on voluntary payments, and exchange rate for corrective VAT invoices
Two decisions issued by the Supreme Administrative Court
The Supreme Administrative Court (SAC) recently issued two decisions:
- In the first, the SAC held that the reduced default interest rate can be applied to interest on corporate income tax arrears paid voluntarily after the end of the year. The court decided that the reduced interest rate is only unavailable when taxpayers submit amended returns once they are served an audit notice or after an audit is finalized. The case identifying information is: II FSK 2589/19) (31 May 2022)
- In the second, the SAC held that amounts expressed in foreign currency in collective corrective value added tax (VAT) invoices issued or received by a taxpayer must be converted—for purposes of correcting both the revenue and the cost for corporate income tax purposes—at the average National Bank of Poland (NBP) exchange rate as of the last business day preceding the date of issuance of the collective corrective invoice. The case identifying information is: II FSK 2530/19) (25 May 2022)
Read a June 2022 report prepared by the KPMG member firm in Poland
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.