Tax and accounting regulations

Summary of Requirements for a Limited Liability Company (Spolka z.o.o):

General Information
Type of Company Limited Liability Company
Timescale to incorporate Approx
Double Tax Treaty Access: Yes. Double
Tax agreements exist with over 70 countries.
Disclosure of Beneficial Owner: Yes – information is available in the Register Court
Directors
Minimum No. Required 1,Corporate Directors are not permitted
Local Director Required No
Publicly accessible information Yes, directors details are available on a public register
Location of Meetings Local
Shareholders
Minimum No. Required 1, Corporate Shareholders are permitted however must be at least 1 natural person as shareholder.
Publicly accessible information Yes
Location of Meetings Anywhere
Company Secretary
Required No
Local Secretary Required N/A
Registered Office Required Yes
Share Capital
Standard Currency Polish Zloty (PLN) – 1PLN = 0.25 Euro
Standard Authorised Share Capital PLN 50,000, price per share PLN 500
Minimum Paid Up Capital PLN 5000 (Approx. 1,250.00 Euro) – required in order to establish a company
Accounting & Compliance
Requirements to prepare Accounts Yes
Requirement to File Accounts No. Can be kept at the Registered Office
Requirement for Audit Audit is required if at least two of the following are met:

 

  • Turnover exceeds €5 million
  • Total assets exceed €2.5 million

     

  • Number of employees exceeds 50
Local Auditor Required Yes
Requirement to file Annual Return Yes
Additional Information
VAT 23%
Bank Account Opening A visit is required.

Taxation:

Corporate Income Tax Rate: 19%
Capital Gains Tax Rate: Capital gains are taxed as ordinary income at a standard corporate tax rate of 19%
Withholding Tax: Dividends:

 

Dividends paid to a non-resident company are subjected to a 19% withholding tax unless the rate is reduced under a tax treaty or the dividends qualify for exemption under the EU parent-subsidiary directive.

Interest:

Interest paid to a nonresident is subject to a 20% withholding tax unless the rate is reduced under a tax treaty or the EU interest and royalties directive.

Royalties:

The withholding tax on Royalties paid to non-residents is subject to a 20% withholding tax.

Losses:
  • Losses may be carried forward for 5 years but the deduction in a given year may not exceed 50% of the loss incurred.
  • The carryback of losses is not permitted

Take the next step, we are here to help.

Register a Poland company.
Open a Poland bank account.

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Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.

European Commission publishes tax avoidance disclosure directive

European Commission publishes tax avoidance disclosure directive

The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.

OECD publishes compliance review for all non-compliant jurisdictions

OECD publishes compliance review for all non-compliant jurisdictions

The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.

EU Parliament Committee release findings & recommendations for current offshore taxation measures

EU Parliament Committee release findings & recommendations for current offshore taxation measures

A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.

2017 G20 summit: Enforcement of taxation highest priority

2017 G20 summit: Enforcement of taxation highest priority

The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.

The EC takes action against advocates promoting tax avoidance schemes

The EC takes action against advocates promoting tax avoidance schemes

The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.

What are the new Beneficial Ownership reporting requirements for BVI companies?

What are the new Beneficial Ownership reporting requirements for BVI companies?

Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.