In this page:
Accounting Rules |
Tax Rates |
Intellectual Property |
Legal Framework |
Standards |
Business Practices
Accounting Rules
- Tax Year
-
The tax year begins on 1 January and finishes on 31 December of the same year.
- Accounting Standards
-
The Polish Accounting Standards Committee was set up in 2003 to implement the accounting law as standards.
- Accounting Regulation Bodies
-
Accountants Association in Poland
National Chamber of Statutory Auditors
- Accounting Reports
-
Companies are bound to draw up a balance sheet, a profit and loss account and notes. The accounts must be published in Polish, the unit of currency being the Zloty. Companies subject to audit must also prepare a statement of cash flows and a statement of changes in equity. Limited liability companies and companies listed on the Stock Exchange must also prepare a management report. reports must be filled annually. Companies listed on the Warsaw Stock Exchange must prepare financial reports observing the constraints of form defined in the decree of the Council of Ministers of 22 December 1998.
- Publication Requirements
-
Listed companies must prepare quarterly accounts (in a simplified form) and six-monthly accounts as well as consolidated accounts.
The accounts must be sent to the Registration Court or to the Committee for Stock Exchange Operations (Komisja Gielda Papierów WartoÅ›ciowych) for listed companies. Audited companies must also send their accounts to the commercial gazette (Monitor Polski B).
In addition, the European Directive of 19 July 2002 obliges all European companies listed on the Stock Exchange to draw up their annual consolidated accounts according to IAS standards from the 2005 tax year on.
- Professional Accountancy Bodies
-
KIBR , The National Chamber of Statutory Auditors
AAP , The association of accountants in Poland
- Certification and Auditing
-
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact the National Chamber of Auditors (KIBR).
- Accounting News
-
Central Europe EIN News
Tax Rates
Consumption Taxes
- Nature of the Tax
-
Podatek od towarow i usaug (PTU)
- Tax Rate
-
23%
- Reduced Tax Rate
-
Poland apply a reduced VAT rate of 8% on certain categories of goods and services, including water supplies, pharmaceutical products, medical equipment for disabled persons, children’s car seats, books, newspapers, hotel accommodation… The country applies a reduced VAT rate of 5% on foodstuffs, agricultural inputs…
- Other Consumption Taxes
-
For additional information on consumption tax.
Learn more about Service Providers in Poland on Globaltrade.net, the Directory for International Trade Service Providers.
Corporate Taxes
- Company Tax
-
19%
- Tax Rate For Foreign Companies
-
Polish companies are taxed on their national and worldwide income, while foreign companies (nonresident) are taxed only on their income earned in Poland. For additional information, consult krakow-info.
- Capital Gains Taxation
-
Long term capital gains are incorporated into the company's profits and are therefore subject to corporate tax.
- Main Allowable Deductions and Tax Credits
-
For details on company deduction access the Corporate Income Tax 2012.
- Other Corporate Taxes
-
For details on the other taxes levied on companies, consult the Polish Tax System.
Country Comparison For Corporate Taxation
| |
Poland |
Eastern Europe & Central Asia |
United States |
Germany |
| Number of Payments of Taxes per Year |
18.0 |
28.0 |
11.0 |
9.0 |
| Time Taken For Administrative Formalities (Hours) |
286.0 |
260.0 |
175.0 |
207.0 |
| Total Share of Taxes (% of Profit) |
43.8 |
40.5 |
46.7 |
46.8 |
Source:
Doing Business
- Last Available Data.
Individual Taxes
Tax Rate
| Income tax |
Progressive rate from 18% to 32%. |
| From PLN 0 to 85,528 |
18% |
| PLN 85,528 and over |
32% |
- Allowable Deductions and Tax Credits
-
In Poland tax payers benefit from various deductions:
- Various donations (to science, charities, etc.) are deductible up to 10%, or even 15% in some cases.
- Deductions on purchasing and building real estate.
- Special Expatriate Tax Regime
-
Expatriates and natives pay the same taxes in Poland. For information on expatriate taxing, access Taxes in Poland on Krakow's Website.
Double Taxation Treaties
- Countries With Whom a Double Taxation Treaty Have Been Signed
-
Access the list of tax treaties signed by Poland
- Withholding Taxes
-
Dividends: 19%, Interest: 20%, Royalties: 20% (may be reduced in the case of a tax treaty).
Learn more about Taxes and Accounting in Poland on Globaltrade.net, the Directory for International Trade Service Providers.
Legal Framework
- Independence of Justice
-
Judicial
power in Poland is independent, but the Courts are well-known for their
long administrative delays in dealing with cases.
- Equal Treatment of Nationals and Foreigners
-
Poland is a constitutional State. Foreign nationals can expect to obtain impartial proceedings in legal matters.
- The Language of Justice
-
Polish is the language of justice used.
- Recourse to an Interpreter
-
It is possible to obtain an interpreter.
- Sources of the Law and Legal Similarities
-
The main source of the country's law is the Constitution of 1997. The legal system is a mix of Continental civil law (Napoleonic) and remnants of communist legal theory; changes are being brought in rapidly with the process of democratization. Poland accepts the obligatory jurisdiction of the ICJ (International Court of Justice) but with reservations. As Poland is a member of the European Union, its national law must abide by the conditions of the country's legislation.
Learn more about Lawyers and Legal in Poland on Globaltrade.net, the Directory for International Trade Service Providers.
Standards
- National Standards Organizations
-
Polish Standardization Committee
- Integration in the International Standards Network
-
Poland
has developed a widespread system of standards and certifications of
its own, not always harmonized with international standards. It is a
member of different international standards organizations: ISO, IEC, CEN, CENELEC, ETSI.
It also cooperates with other international organizations for the
harmonization of standards and certifications, such as UN/ECE (United
Nations Economic Commission for Europe), ASTM (American Society for
Testing and Materials), WTO/TBT (WTO Agreement on Technical Barriers to
Trade).
- Classification of Standards
-
Concerning marketing, in Poland, products subject to the field of application of New Approach European directives: since 1 May 2004 they must carry the "CE" mark. For further information about CE marking, please consult the information on EC marking.
- Online Consultation of Standards
-
Catalog of Polish Standards
- Certification Organizations
-
Polish Center for Analysis and Certification
Polish Center for Accreditation
Business Practices
- General Information
-
Executive Planet
Kwint Essential
- Opening Hours and Days
-
Working hours are from 8am to 4pm from Monday to Friday.
The days off are Saturday and Sunday.
Public Holidays
| New Year's Day |
1 January |
| Epiphany |
6 January |
| Easter |
April (no fixed date) |
| Labor Day |
1 May |
| Constitution Day 1791 |
3 May |
| Corpus Christi |
May-June (no fixed date) |
| Ascension |
15 August |
| All Saints |
1 November |
| National Independence Day |
11 November |
| Christmas |
25 and 26 December |
© Export Entreprises SA, All Rights Reserved.
Last Updates: May 2013
Poland: Business Environment