21:18 5 November 2019
PLN 82.4 bln accumulated on split payment VAT accounts
By October 30, companies had completed 27.4 million split payment transactions valued at a total of PLN 400 billion. From July 1, 2018, when so-called voluntary split payment (the buyer decides whether he pays the seller the entire gross amount or transfers the VAT amount to his special VAT account) was launched, to October 30, 2019, PLN 82.4 billion was accumulated on split payment VAT accounts. The Ministry of Finance claims that the split payment system works well, develops according to the government’s assumptions and limits the possibilities of tax fraud.
From November 1, 2019, split payments are mandatory in industries particularly vulnerable to such fraud. Entrepreneurs buying products (valued at over PLN 15,000) such as fuel, steel, scrap metal, waste, metals, electronics, coal, electric machines, stretch film and car parts have to split their payments.
