Anti-crisis package approved

Friday, June 26, 2020

The member companies of the AFI are highly qualified consulting professionals that strive to help investors and businesses impacted by the COVID-19 situation in many different ways. Here, our members have prepared views and informed opinions on various aspects of the crisis. The article below has been prepared by the global leader in assurance, tax, transaction and advisory services - EY.

The Chamber of Deputies has approved yesterday (the second time around) the “anti-crisis tax package”. According to the Ministry of Finance, the purposes of the introduced tax changes is to help entrepreneurs and companies overcome the adverse economic effects of the coronavirus pandemic. The amendment shall enter into general force on the day following the date of publication.

The main element of the package is the long-discussed introduction of the concept of tax loss carryback (LCB); we discussed the parameters of this concept HERE.

Other selected changes:

  • VAT - accommodation services, admission fees to sports and cultural events, use of sports facilities, as well as passenger transport by ski lifts, are transferred from the first reduced rate (15%) to the second reduced VAT rate (10%).
  • Excise duties - the deadline for excise duty refund on “green diesel” to farmers and foresters has been shortened.
  • Act on International Cooperation in Tax Administration - the government is now able, to the extent provided for by EU law, to extend, through a government decree, the deadline for fulfilling an obligation relating to automatic exchange of information with another Member State.
  • Road tax – reduction of road tax on trucks over 3.5 tonnes (by approximately 25%) will apply to the 2020 tax period already.

If you have any questions, please do not hesitate to contact the authors of the article or your regular EY team.

The article may be found HERE.

 

More news

Made by