Firms avoiding paying by bank transfers faces penalties

Companies that pay for transactions over PLN 15,000 in cash will be penalized, the Ministry of Finance announced on Wednesday.  They will not be allowed to count such expenses as tax-deductible. This change is part of a new project of amending personal and corporate tax laws, and is set to be implemented into law in the near future. "This is...designed to seal up the taxpaying system," a Ministry of Finance spokesperson said. "The proposed change will increase fair competition and decrease the size of the informal economy, which in turn should increase budgetary inflows for the government." It should also limit fictitious transactions, which should make illicit activities such as money laundering more difficult.