Biznes Fakty
Inheritance and gift tax, income tax. Changes in PIT. Decision of Donald Tusk's government
The administration has approved four initiatives from the deregulation package, as announced by the Prime Minister’s office. The new measures relate to issues such as inheritance and gift tax, income tax, and banking regulations.
Updates to inheritance and gift tax
The Government has endorsed the proposed amendments to the Inheritance and Gift Tax Act put forth by the Ministry of Finance.
The legislation permits a one-time tax payment on private pensions and other recurring benefits if the total value of those benefits is known at the time they are established.
Conversely, for benefits granted without a specified term, the value from the past 10 years will be used for tax calculations.
If the overall value of the services is unknown at establishment but can be estimated, the tax office will accept the estimated value with the taxpayer’s agreement. In rare cases, where the value of the services cannot be determined or approximated, the tax will be calculated after each service is executed.
Moreover, the new regulations will simplify the procedure associated with the transfer of property acquired through inheritance or other free methods.
Post-amendment, it will no longer be necessary for notaries to present a certificate from the tax office confirming tax payment or exemption when trading such property via a notarial deed.
Innovations in Banking Law
The government has also approved a draft amendment to the Banking Law and other related acts. These new regulations will enable banks and credit unions to share information that is typically protected by banking and professional secrecy in the context of bankruptcy and restructuring proceedings. Information can be shared with the trustee, court supervisor, and administrator, strictly for the purpose of conducting bankruptcy or restructuring processes.
The announcement highlights that currently, executing restructuring and bankruptcy proceedings poses challenges since the trustee cannot, for instance, obtain information regarding the debtor’s bank accounts from the bank or SKOK. This situation complicates bankruptcy proceedings, leading to negative consequences for creditors.
Investment funds redefined
The Council of Ministers has also accepted the proposed amendment to the Act on Investment Funds and the Management of Alternative Investment Funds. The suggested modifications aim to facilitate the merging of non-public closed investment funds that are managed by the same investment fund company. Following the changes, the voting threshold required for merging the funds will be lowered from two-thirds to just over half of the total number of investment certificates.
If the votes from participants representing no more than half of the total investment certificates of a specific fund are cast, the company may call for another investors’ meeting. If, even after two properly convened investors’ meetings, the votes from participants representing no more than half of the total investment certificates of a specific fund are still in the minority, approval for the merger will be granted if more than half of the participants present or represented during each vote support the merger.
Streamlining income tax
The fourth bill approved by the government addresses revisions to the Personal Income Tax and Corporate Income Tax Acts.
The new regulations, among other things, reduce the requirement for general partnerships to submit partner information. Currently, general partnerships not solely owned by individuals must report their partner details annually. The new regulations will eliminate this requirement if there have been no changes to the partner composition in the general partnership.
Another revision pertains to easing tax refund regulations for investors operating in special economic zones in the event of permit withdrawal or support decision annulment. Currently, after such an annulment or withdrawal, the entrepreneur is required to return the entire maximum public aid, regardless of the actual tax exemption received.
Under the new provisions, the entrepreneur will only need to refund the unpaid tax on income generated from activities specified in the annulled decision or withdrawn permit, provided that their accounting records can ascertain the income and tax linked to that specific decision or permit.
Additionally, the proposed amendment includes provisions that ease the functioning of tax capital groups. Presently, if a group engages in transactions with a related entity outside the group under non-arm’s length conditions, it automatically forfeits its CIT taxpayer status. This occurs regardless of the transaction size or intent behind the error. After the amendment, the PGK will retain its CIT taxpayer status irrespective of such transactions.
