On August 8, 2022, the Ministry of Finance announced a draft act of over 30 pages, amending the VAT Act and some other acts – the so-called SLIM VAT 3. As was the case before with the SLIM VAT 1 and SLIM VAT 2 packages, the SLIM VAT 3 draft, in line with the justification of the Ministry of Finance, is aimed at further simplification of the regulations concerning settlements made by VAT payers.
SLIM VAT 3 project incl. assumes:
- Increasing the gross sales limit for a small taxpayer from EUR 1,200,000 to EUR 2,000,000
- Specifying the rules of foreign currency conversion for correcting invoices
- Implementation of the CJEU judgment in case C-935/19, which questioned the Polish VAT sanction
- Standardizing the regulations on issuing binding information by designating one authority competent to issue them
- The abolition of the fee for issuing the WIS
- Resignation from the obligation to have an invoice documenting the intra-Community acquisition of goods when deducting input VAT
- Resignation from the requirement to agree with the Head of the Tax Office the forecast of the deduction of input VAT
- Increasing the amount allowing for the recognition that the proportion determined by the taxpayer is 100%
- Possibility of resignation from the correction of the VAT ratio
- Extension of the subjective scope of VAT exemption for investment fund management services
- Extension of the catalog of possibilities of spending funds accumulated on the VAT account
According to the draft, with some exceptions, the new regulations will apply from January 1, 2023. The draft presented by the Ministry of Finance is currently subject to an opinion. Comments on the draft can be submitted until August 26, 2022.
Source Deloitte
