Tax and accounting regulations
Summary of Requirements for a Limited Liability Company (Spolka z.o.o):
|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|
|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|
|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|
|Local Secretary Required||N/A|
|Registered Office Required||Yes|
|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:
|Local Auditor Required||Yes|
|Requirement to file Annual Return||Yes|
|Bank Account Opening||A visit is required.|
|Corporate Income Tax Rate:||19%|
|Capital Gains Tax Rate:||Capital gains are taxed as ordinary income at a standard corporate tax rate of 19%|
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 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.
The withholding tax on Royalties paid to non-residents is subject to a 20% withholding tax.
CJEU: Defines Key Definitions for Tax & Beneficial Ownership Purposes
Last month, the Court of Justice of the European Union (CJEU) issued a series of important judgments dealing with tax avoidance and beneficial ownership in the context of the EU Parent-Subsidiary Directive (PSD) and the Interest and Royalties Directive (IRD).