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Starting from October 13, 2019, the provisions introducing the Central Register of Beneficial Owners will enter into force in Poland, in response to the implementation of the EU Directive on preventing the use of the financial system for money laundering or terrorist financing. Polish commercial law companies entered into the ... Read More »
Polish taxation rules for virtual currency exchange
October 3, 2019
The development of virtual currencies and an increase in the number of transactions related to them can be observed in recent years. Unfortunately, Polish tax law has not kept pace with the development in this field so far, which was expressed by the lack of regulations taking into account the ... Read More »
Belgian UBO register – administration will apply a tolerance policy until 31 December 2019
September 24, 2019
The Belgian Law of 18 September 2017 (the “Law”) implementing the 4th Anti-Money Laundering Directive of May 2015 (the “4th AML Directive”) has established the Ultimate Beneficial Owners Register (“UBO Register”) in which Belgian companies, non-profit organizations, foundations, trusts and other similar entities have to record their ultimate beneficial owners. ... Read More »
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by: CEW & Partners
in Banking and finance, Belgium
New rules for collecting withholding tax in Poland – again partly deferred
September 5, 2019
The amendment to the provisions of the Polish Personal and Corporate Income Tax Acts has brought a number of obligations imposed on entities making payments such as, among others, dividends, interest, royalties and fees for certain intangible services. These responsibilities include verification if a given payment qualifies for the exemption ... Read More »
Does a holding company run a (real) economic activity?
September 4, 2019
So far, the issue of holding companies conducting real economic activity has not been subject of lively discussions in Poland. Nevertheless, the provisions introduced by the legislator as a weapon to fight tax avoidance, in particular the provisions on controlled foreign companies (CFC) and the new rules for collecting withholding ... Read More »
Legislative proposal for the modernisation of partnerships; civil and tax aspects
September 2, 2019
On 21 February, the draft bill of the Legislative Proposal for the modernisation of partnerships (‘draft legislative proposal’) was submitted for consultation. The draft legislative proposal intends to provide a modern, clear and straight forward scheme that, on the one hand facilitates the entrepreneur and, on the other, offers suitable ... Read More »
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Will a Polish company pay income tax on liquidation assets passed on to its shareholder?
August 21, 2019
Once Article 14a of the Polish Corporate Income Tax Act went into force, it was uncertain whether this provision applied to situations where a company under liquidation passes on its assets to a shareholder in non-monetary form. Administrative courts were not in agreement either. However, the latest rulings of Polish ... Read More »
What do you need to know before exporting a work of art located in Poland?
August 14, 2019
Export of a work of art, either temporarily or permanently, requires a special permit, provided that certain criteria are met. Failure to receive such permit before exporting is considered a criminal offence and the perpetrator may be subjected to criminal liability. A work of art, cultural object, monument The Polish ... Read More »
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by: GWW
in Administrative law, Poland
New Italian Tax Regime For Pensioner
August 12, 2019
1 Foreword This article aims to illustrate the introduction of a new tax regime provided by the Italian Government to attract foreigners and Italians in retirement living in foreign countries to move their residence to Southern Italy. 2 The new Italian tax regime for pensioners On the 30th of December, ... Read More »
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Polish tax on revenue from fixed assets encompasses hotels, conference centers and sports facilities
August 6, 2019
Starting from January 1, 2019 an amendment of Corporate and Personal Income Tax Acts went into force with regards to the so-called tax on commercial real estate. It was then renamed tax on revenue from fixed assets. Until December 31, 2018 it encompassed only owners of commercial and office buildings ... Read More »
Capital gains realized from the disposal of stocks in a Polish joint-stock company are taxable only in a transferor’s state of residence
August 5, 2019
Albert Einstein once said that a question pertaining to taxes is too difficult for a mathematician. It should be asked of a philosopher. Unfortunately, the world famous physicist did not take into account that practicing philosophy with reference to this field of law can very easily lead to the omission ... Read More »
Echo of the Panama Papers – Central Register of Beneficial Owners soon launches in Poland
August 2, 2019
Pursuant to the Act on Counteracting Money Laundering and Terrorist Financing (“AML Act”), on October 13th, 2019 this year Poland will launch the Central Register of Beneficial Owners (“UBO Register”). This involves introduction of new obligations to commercial companies in respect of providing information to the UBO Register. The AML ... Read More »
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by: GWW
in Compliance, Poland
Central Register of Beneficial Owners in Poland – private foundation is in question
August 1, 2019
Foreign private foundations are becoming more and more popular among Poles as an instrument of inheritance planning and private assets protection. Polish Act on Counteracting Money Laundering and Terrorist Financing (“AML Act”) obliges Polish commercial law companies to report information about their Beneficial Owners to the Central Register of Beneficial ... Read More »
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by: GWW
in Compliance, Poland
The favourable tax regime of new Italian residents
July 24, 2019
Foreword This brochure aims to illustrate the introduction of the new tax regime for the “new Italian residents” with the debut of a lump-sum taxation called “Flat tax”, granting an exemption of foreign investments from Italian taxation, called “non-domiciled tax resident”. The Italian Finance Bill for 2017 (hereinafter “Finance Bill”) ... Read More »
Dismissal of low performers – Unable or Unwilling?
July 23, 2019
Does your German company have employees on an employment contract under German law who are not performing as you would like them to? Are you already looking for ways to get rid of them? It may be that you are dealing with a classic low performer, whose poor performance is ... Read More »