SLIM VAT 3 pre-consultation has started in Poland

Another package of simplifications in the tax on goods and services called SLIM VAT 3 is introduced. It represents one of few packages of Polish Tax authorities and it is one more package of changes that facilitate and modernize VAT settlement. The package implements many demands submitted to the Ministry of Finance by entrepreneurs. It brings to the entrepreneurs simpler invoicing, reduction of formalities and improvement of financial liquidity of companies. The introduction of the proposed solutions will relieve the company's accounting departments and reduce the number of corrections of the input tax shown in the VAT declaration. The Ministry of Finance starts the pre-consultation of the project.

The third SLIM VAT package changes have been divided into 7 areas:

• improving the financial liquidity of companies;
• VAT in international trade - fewer formalities;
• wider scope of VAT exemptions;
• fewer corrections and friendly VAT settlement;
• simpler invoicing and fewer obligations;
• lowering VAT sanctions;
• consolidation and standardization of binding information - easier and transparent access to tax knowledge

Simplifications included in SLIM VAT 3 also include:

• extending the scope of certain VAT exemptions;
• consolidation and standardization of binding information;
• introducing new rules for converting currency exchange rates in the case of issuing corrective invoices;
• resignation from the obligation to print documents through online/virtual cash registers;
• facilitations in the E-Commerce VAT package

Also, until February 23, 2022, pre-consultations of the Ministry of Finance on the introduction of further changes, open to all interested parties, continue in the provisions of the act on tax on goods and services, defined as SLIM VAT 3. Topics included in SLIM 3 are changes in some fields, such as issuing advanced receipts, online cash registers, changes in banking law, etc.