Introduced on January 1, 2021, the SLIM VAT package is intended to simplify tax settlements for tax on goods and services by taxpayers. The tax explanations of the Minister of Finance contain practical information on how to apply the amended regulations. Below we present selected issues raised in the explanations.
It is worth mentioning that the taxpayer’s compliance with the tax explanations in a given tax period allows to obtain tax protection – exemption from the obligation to pay tax and interest and exclusion of penal fiscal liability.
VAT in minus correction
Under the new regulations, in the case of corrective invoices in minus , the condition for the seller to obtain confirmation of receipt of the correction by the buyer was waived.
VAT in plus adjustment
In the case of adjustments increasing the VAT tax base, the taxpayer is obliged to make adjustments in the settlement for the period in which the reason for increasing the tax base occurred.
Extension of the deadline for VAT deduction
The explanations confirmed that under the new regulations, the time for deducting input VAT “on an ongoing basis” is up to a total of 4 months – the month in which the taxpayer acquired the right to deduct (receipt of a VAT invoice) and three subsequent accounting periods.
Source Deloitte
