Tidying up the tax system will certainly be beneficial on a macro level. However, for the smallest companies, including honest ones, it may result in temporary (hopefully) turbulence.
The 'spilt payment' split payment mechanism, in force since the beginning of the month, is already causing such disruption. And this could be just the beginning.
– From July 1, large companies can use the so-called mechanism split payment VAT
- This has been painfully felt by their counterparties - one-person businesses using a personal account to conduct business
– Experts expect that in the coming months small companies may have liquidity problems due to this mechanism
- The ultimate effect will be greater transparency and tightness in the tax system
Split payment came into force on July 1. According to the announcements of the Ministry of Finance, the mechanism initially applies only to large enterprises. The problem is that the contractors of the largest ones are often small, one-person companies. And some of them are already in trouble, they do not receive money for the work performed.
What is the issue? A part of the business community uses personal accounts for this purpose - contrary to the regulations - but so far without any particular consequences.
You can only use a personal account if you do not settle accounts with another trader and the value of your transactions does not exceed PLN 15,000.
The act introducing the split payment system catches these irregularities. With painful consequences for small entrepreneurs. Some of the transfers made by large companies for small entrepreneurs – sole proprietorships – was returned by the bank to the accounts of those sending the transfers.
This is the first and seemingly marginal problem with split payment.
5 July 2018:
" Split payment: first problems for one-person companies
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