Since tax-evading fraudsters are elusive for the tax authorities, all those operating in the same industry become suspects. Now it has fallen on Piotr Bieliński, whose company Action is to pay PLN 90 million. Are we getting ready for a new Optimus case?
When Piotr Bielinski first cancelled Action's earnings forecast more than a year ago, investors never imagined there would be so much drama. Action was a giant in electronics distribution, the most profitable company in the industry, with 5 billion in revenue. But within a year and a half, the company's value fell from nearly a billion to PLN 95 million. Bielinski, however, does not lose his resonance. He enters the office slightly late, straight from meetings with key suppliers and insurers. On the way, he has also eaten something quickly.
- After all, I can't get an ulcer in my stomach because of the absurd accusations of the tax authorities and the banks, which, by reducing our limits, violate the restructuring law. I won't leave it at that," he throws in a greeting. For the time being, he is calling on the banks to perform the contracts they have with Action. - If that doesn't work, we will definitely apply for damages," he adds.
Following its troubles in 2015, in July this year the tax offices in Warsaw and Olsztyn demanded that the listed company refund PLN 90 million in outstanding VAT. Analysts suspended issuing recommendations for the company, banks restricted its financing and small investors declared it bankrupt on online forums. Only it wasn't Action that misaccounted for the VAT, but it was defrauded by the distant contractors of its counterparties, situated somewhere in fifth or sixth place in the chain of multiple electronics sales transactions.
- We don't know these companies, they are not our contractors, we had no way of verifying them. The tax control office came to us because we are probably the only company in this chain, which has cash at its disposal – complains Bieliński.
– The tax office does not accuse the taxpayer of fraud. It suspects him of not having exercised due diligence to protect himself from being involved in a chain of transactions with fraudsters – explains the problem Tomasz Michalik, head of the largest Polish company MDDP tax advisory. And at the same time he asks whether it is really clear how he was supposed to do it. In his opinion, the taxpayer may not even have a chance to defend himself, because the seizure of such a large amount by the tax office will lead to the company's insolvency.
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1 September 2016:
" How the fiscal is squeezing listed company Action
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