Will business owners be taxed for the financial sheild they recieved?
11:55
According to “Rzeczpospolita”, the entrepreneurs still do not know whether they have to share the support from the financial shield with the tax authorities. Business owners have been waiting for the decision of the Ministry of Finance for over a year.
“The decision on the tax on the redeemed part of the subsidy from the Polish Development Fund will be announced by July 20, before the deadline for its payment” wrote the Finance Ministry in response to a question from “Rzeczpospolita” about the decision.
As Alicja Borowska-Woźniak from the accounting office ASCS-Consulting tells the newspaper, companies need to know whether they are supposed to set aside for tax and cannot be in constant limbo.
“At issue is the support from the financial shield 1.0. To maintain business during the coronavirus epidemic, companies received more than 60 billion zlotys from the Polish Development Fund. Now the subsidies are being written off. However, it results from the regulations that tax has to be paid on the redeemed amount: PIT or CIT, depending on the form of business (as a rule it is 19%)”. - we read.
The Ministry of Finance announced a year ago that it was working on a solution to this issue that would be beneficial for entrepreneurs, but no decision has yet been made.
