How to settle VAT and PIT incurred due to flood losses in fixed assets and inventory?

• A small boutique owner suffered losses in fixed assets, equipment, and merchandise due to a flood in September 2024
• The damaged items included a counter, hangers, shelves, and various clothing items
• The owner had purchased the counter and equipment in September 2023, with VAT deducted and accounted for in their tax records
• The owner had also accounted for the equipment as a business expense in September 2023, when they were put to use
• The owner had started depreciating the counter using the straight-line method with a 20% annual rate, with the first depreciation recorded in October 2023

Source: podatki.gazetaprawna.pl

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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