InfoCredit sponsors the album “Urzecze i Wisła”
InfoCredit sponsors the album “Urzecze i Wisła” The album “Urzecze i Wisła” by Wiktor Strumiłło will be released soon. InfoCredit is the patron of the book, as well as the film “Zaginione Urzecze”. The premiere of the album will take place on October 18 at 8:00 p.m., during the exhibition of Wiktor Strumiłło’s photographs in the Warsaw Kinogram at the Norblin Factory. We cordially invite you. Why are we so fond of Urzecze and Vistula? Firstly – ecology. Vistula is a phenomenon on a European scale, the only unregulated large river on our continent. Secondly – Vistula had a huge impact on the economic development of Mazovia and Poland. It was a natural highway for the economy of our country. It was along our largest river that the most important Polish cities were founded, and numerous settlements were also established. Urzecze was farmed by, among others, the Olęders, agricultural innovators who came from Frisia and the Netherlands to the area of today’s Saska Kępa in Warsaw in the 17th century. Thirdly – the founder of InfoCredit, Iwona Surdykowska-Huk, once lived in an original Olęder cottage in Saska Kępa and saw perfectly well how much good the Vistula brought to the region and Poland. And finally – we were enchanted by how much the author of the album, Wiktor Strumiłło, does for Urzecze – camera operator, lighting engineer, licensed small-scale camera operator, photographer by passion, yacht captain, inland navigation helmsman and… lifeguard. Wiktor Strumiłło, among others, took drone shots for Ewa Ewart’s film “To the Last Drop” in 2023. This film won the “Golden Nymph” – Prince Rainier Award for the best documentary film at the 62nd Monte Carlo Television Festival and the 1st prize in the category “Oceans and their protection” at the Deauville Green Awards festival in France. We want to recall the history of the Vistula and Urzecze. That is why in 2020 we decided to support the film “Lost Urzecze”, whose authors are Adam Rogala and Wiktor Strumiłło. Going further, we have collaborated on the publication of an album and exhibition of Wiktor Strumiłło’s photographs at the Coningsby Gallery in London, which will take place from 29 January to 4 February 2024. Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
IC index lower than a year ago
IC index lower than a year ago INFOCREDIT ECONOMIC ACTIVITY INDICATOR The second quarter brought a slight increase in activity in economic activities in Poland. The InfoCredit index, describing the ratio of new and resumed microbusinesses to closed and suspended ones, rose slightly. However, it is far from optimistic. The past three months were much weaker than in the years 2019-2022. The index, counted quarterly, was much higher then. In the second quarter of this year, there were more new and resumed economic activities (a total of 131.2 thousand) than closed and suspended ones (127,252). This is a seasonal phenomenon – this usually happens in the period April – June). The closer to the holidays, the more seasonal businesses are opened and resumed. The problem is that in the years 2019-2022 in the second quarter the predominance of new and suspended activities was much greater. In 2019 (the last before the pandemic), our quarterly index was worth +27,815 points). In 2020 (a strong rebound after a weak Q3 due to restrictions) it was worth as much as +47,601 points. Even last year, when entrepreneurs were already feeling the increasing burden (the Polish Deal and inflation caused a retreat from the simplest form of business), the index was at 16,784 points. This year it is only 3,939 points. The same is true for our indicator on a monthly basis. Our index grew from December (then it was worth -26,867 points) to April (then +5,912 points). And this was a normal phenomenon (we usually record the greatest retreat from activity at the turn of the year). The problem is that in May it began to slide again, to take a negative value in June (-3,640 points), which we usually did not record. Usually in June the index is positive. In 2019 it was worth +3,739 points, a year later even +27,920 points (again – a strong rebound after the first months of the epidemic). Even a year ago, after very weak first months (Polish Deal, effects of the war in Ukraine), it was worth +3,575 points. The effect? In the entire first half of 2023, we recorded fewer new and resumed activities than closed and suspended ones. The losses from the first quarter have not been made up for. The data still shows the crisis of the simplest form of running a business. Let us recall – in 2022 (Polish Deal), a total of 347.3 thousand businesses were suspended, which was a record. 193.2 thousand businesses were terminated – the most since 2014. The main reason was unstable tax regulations and rising operating costs. It is difficult to talk about a rebound this year. Our indices are sinking lower and lower. They could be even lower if not for the support of Ukrainian citizens. In recent months, we have been recording more and more business activities registered in Poland by our neighbors. In 2022, Ukrainians established 17.5 thousand businesses in Poland (5.6 percent of all). From the beginning of 2023 to the end of May alone, 13.2 businesses run by Ukrainian citizens were registered in Poland, which means that there may be much more of them than last year. Details in the commentary Poland – a good place for Ukrainian entrepreneurship, prepared by InfoCredit and the Union of Entrepreneurs and Employers. InfoCredit Business Activity Index Our business activity index shows the ratio of new and resumed businesses to closed and suspended businesses. When the index is positive, it means that more businesses were established and resumed than suspended and closed. The higher the index value – the greater the tendency to open small businesses. When the index indicates values below zero, it means a retreat from this form of business activity. The more the index is negative, the more small entrepreneurs withdraw from business (definitely or temporarily). We publish the index on a quarterly basis (after each quarter) and monthly basis. Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
Zaginione Urzecze i Wisła in London
Zaginione Urzecze i Wisła in London When Columbus reached America, 40-meter barges were already sailing on the Vistula, which was then the main trade route in Poland. Timber, grain and other goods were floated down the largest Polish river. The Vistula was the economic lifeblood of Poland. The most important Polish cities were founded along the Vistula, and numerous settlements were also established. The Urzecze was farmed by, among others, the Olędrzy, agricultural innovators who came from Frisia and the Netherlands to the area of today’s Saska Kępa in Warsaw in the 17th century. This is the subject of the film “The Lost Urzecze”, directed by Adam Rogala and Wiktor Strumiłło. The film’s patron is InfoCedit. We decided to support this production because InfoCredit has been following Poland’s economic development for centuries. Now it’s time to show the Vistula and its contribution to the development of Poland to the world. We are pleased to announce that from January 29 to February 4, 2024, the Coningsby Gallery in London will host an exhibition of Wiktor Strumiłło’s photographs – “Urzecze and the Vistula River”. The author is a cameraman and photographer. He took the drone shots for Ewa Ewart’s film “To the Last Drop” in 2023. The film won the “Golden Nymph” – Prince Rainier Award for best documentary at the 62nd Monte Carlo Television Festival and the 1st prize in the category “Oceans and their protection” at the Deauville Green Awards festival in France. That’s not all. Soon we will inform you about the next important events related to the work of Wiktor Strumiłło. Why is it so important to us? Because today, when in many parts of the world every drop of rain counts, it is worth talking about how much we owe to rivers. And supporting those who talk about it. Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
IC index bounces off the bottom
IC index bounces off the bottom INFOCREDIT ECONOMIC ACTIVITY INDICATOR In the first quarter of 2023, there were again – for the third time in a row – more applications for termination and suspension of business activities in Poland than for establishment and resumption. The InfoCredit index, describing this relationship, is therefore still in the red – both quarterly and monthly. It is somewhat comforting that the index has moved away from the bottom of 2022 and 2021. The situation is improving slightly from month to month. In the first three months of 2023, 119,847 business activities were established and resumed, 147,601 thousand were terminated and resumed. The index was therefore worth -27,754 points quarterly. This is much better than in the fourth quarter of 2022 (-41,060 points) and better than in the first quarter of 2022 (-44,087). January 2023 was still quite weak (the index after the first month was worth -17,202 points), but the following months brought a rebound. In February, there were 6,234 more closed and suspended businesses than new and reopened ones, and in March only 925 more. Does this mean we will soon break even? The trend is upward. April, May and June are seasonally conducive to starting and resuming business activities. This was the case last year and previous years. April 2020 was an exception, but that was only the second month of restrictions due to the pandemic. This year, everything indicates that we will now come out on top. There were 6,284 more businesses started and resumed in April than closed and suspended businesses (as of 18.04). Seasonality in CEIDG data is very visible. Usually, in the first and fourth quarters there was a retreat from business, the second and third quarters of the year balanced these outflows and even brought a surplus. In recent years, however, a very disturbing phenomenon of a crisis in the simplest form of running a business has been visible. Business activities have been gradually decreasing. Let us recall – 2021 was already disturbing in this respect. In 2022, a total of 347.3 thousand businesses were suspended, which was a record. 193.2 thousand were terminated. business – the most since 2014. The main reason was unstable tax regulations and rising business costs. What will happen this year? For now, we can talk about a slight rebound. We will be able to say more after Q2 and Q3 of this year. InfoCredit Business Activity Index Our business activity index shows the ratio of new and resumed businesses to closed and suspended businesses. When the index is positive, it means that more businesses were established and re-established than were suspended and closed. The higher the index value, the greater the tendency to open small businesses. When the index indicates values below zero, it means a retreat from this form of business activity. The more the index is negative, the more small entrepreneurs withdraw from business (definitely or temporarily). We publish the index on a quarterly basis (after each quarter) and monthly basis. Previous newsNext news Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
Our dear little business
Our dear little business INFOCREDIT ECONOMIC ACTIVITY INDEX January 2023 was another month in which there were more applications for the suspension and termination of business activities than those started and resumed. The InfoCredit index, which describes this relationship, has been in the red for 7 months. This means that active business activities are not increasing. On the contrary, they are decreasing. The past month is slightly better than January 2022. In the first month of this year, 40,308 activities were started and resumed, 62,086 were ended and closed. Our index therefore reached a value of -21,778 points. In January 2022, 35,520 activities were started and resumed, and 65,386 were ended and closed. Our index was then worth -29,866 points after a slight increase since December 2021 (then -35,716 points, the lowest in history, lower even than after March 2020, when the epidemic broke out). This was the result of confusion and concerns related to the tax reform under the Polish Deal. Micro-entrepreneurs considered the changes to be unfavourable for them and began to withdraw en masse from the form of running a business in the form of a business. Now, at the turn of 2022 and 2023, it can be assumed that this is the result of the rising costs of the simplest form of running a business. Seasonality is visible in the quotations of our index. That is – the index always drops at the turn of the year, because we note an increase in the suspension of activities. However, in recent years, this phenomenon has been gaining momentum. Similar fluctuations in the index on a monthly basis (although smaller) are observed before and after the holidays. In May and June, entrepreneurs who run their business seasonally suspend their activities, only to suspend them again after the holiday season. In turn, those who want to take advantage of holidays suspend their activities so as not to incur unnecessary costs. InfoCredit Business Activity Index Our business activity index shows the ratio of new and resumed business activities to closed and suspended ones. When the index is positive, it means that more businesses were established and suspended than were suspended and closed. The higher the index value, the greater the propensity to open small businesses. When the index indicates values below zero, it means a retreat from this form of economic activity. The more the index is negative, the more small entrepreneurs withdraw from business (definitely or temporarily). Previous newsNext news Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
Small business on hold
Small business on hold InfoCredit Business Activity Index In 2022, CEIDG received a total of over one million applications for the establishment, resumption, suspension and termination of business activity. This is the highest in 9 years, i.e. since 2014. The vast majority of applications, however, concerned the suspension of business activity. There were as many as 347.3 thousand of them. This is a record. Last year, 193.2 thousand businesses were terminated – the highest since 2014. The InfoCredit business activity index calculated quarterly fell to the value from the turn of 2021 and 2022. Year-on-year and taking into account seasonality, it is sinking lower and lower. After two years of a significant decline in the activity of Poles due to the epidemic, last year we finally noted a significant increase in the number of applications submitted to CEIDG. In 2020 and 2021, there were almost 850 and 891 thousand, respectively. Last year, exactly 1,003,653. This would be a reason for optimism if most of them concerned new businesses. Unfortunately, this is not the case. There were 463.1 thousand new and resumed businesses in total, 540.6 thousand terminated and suspended. The number of applications to suspend business activity in particular is worrying, as many as 347.3 thousand. This is a record result. There were 193.2 thousand terminated businesses, the highest number since 2014 and 2013, when there were 208.2 thousand and 235.6 thousand, respectively. The number of applications for suspensions did not increase abruptly at the end of the year, but gradually, throughout the year. In the first half of the year, there were 161.3 thousand (in the first half of 2021, 115.6 thousand). In the second half, 186.1 thousand, compared to 162.7 thousand in the same period of 2021. In the fourth quarter, 97.7 thousand suspensions were recorded, compared to 90 thousand in the last three months of 2021. Only December 2022 was calmer. 39.6 thousand businesses were suspended then, compared to 42.4 thousand in December 2021. However, at the end of 2021, we noted a significant increase in closed and suspended businesses, because entrepreneurs did not like the chaos and ambiguity associated with the Polish Deal. The last three years are difficult to compare, because they brought a significant increase in uncertainty and events that we had not seen before. 2020 and 2021 are a time of epidemics and restrictions. The turn of 2021 and 2022 brought us the Polish Deal, huge confusion in tax regulations and rising inflation. The last 11 months have already seen a huge increase in the costs of running a business, not only due to additional tax and contribution burdens, but above all due to the sudden increase in the prices of raw materials and energy. That is why first, in 2020 and 2021, we observed a decrease in activity in submitting applications to CEIDG, and now we are seeing more and more of them. The number of closures is not increasing so quickly, because it is easier to go into a state of suspension, to observe the situation and postpone the decision. The situation in the general statistics is somewhat saved by the increase in the number of established and resumed businesses. In 2022, we recorded 310.2 thousand new ones, 152.9 thousand resumed, i.e. a total of 463.1 thousand. (in 2020 and 2021, 425.3 and 436.4 thousand, respectively). However, it is still far from the best years in this respect, i.e. 2017 and 2018, when there were over 491 thousand of them in total. The upward trend in suspended activities has been ongoing since mid-2021, when the assumptions of the Polish Deal were presented. There is no indication that it will end soon. The beginning of 2023 was not good either. By January 23, 27.7 thousand activities had been established and resumed, and as many as 40.5 thousand had been terminated and suspended. Wnioski rocznie Year Assumption* End Suspension Sum 2022 463 080 193 227 347 346 1 003 653 2021 436 365 176 137 278 282 890 784 2020 425 334 142 375 281 809 849 518 2019 470 184 173 320 306 853 950 357 2018 491 647 177 083 303 270 972 000 2017 491 234 178 898 309 242 979 374 2016 465 970 181 053 307 132 954 155 2015 476 947 192 987 311 854 981 788 2014 487 240 208 188 314 652 1 010 080 2013 486 902 235 630 312 548 1 035 080 2012 423 655 49 968 297 380 771 003 Suma 5 118 558 1 908 866 3 370 368 10 397 792 * It includes applications for starting and resuming a business. Source: CEIDG InfoCredit Business Activity Index Starting this year, we are changing the rules for presenting the InfoCredit Business Activity Index. Instead of showing the ratio of new to closed and resumed to suspended businesses, we will publish the ratio of new and resumed to closed and suspended businesses. When the index shows positive values, it means that more businesses have been established and resumed than suspended and closed. The higher the index value, the greater the tendency to open small businesses. Similarly, when the index shows values below zero, it means a retreat from this form of economic activity. The more the index is in the red, the more small entrepreneurs withdraw from business (definitely or temporarily). To start with, we present the index on a quarterly basis. After January, we will also present it on a monthly basis. Previous newsNext news Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
Ukraine – Poland: cooperation in numbers
Ukraine – Poland: cooperation in numbers There are 14,786 entities in Poland linked to Ukraine through capital or beneficiary, including entities with at least one Ukrainian citizen on the board. These are not only companies, but also associations and foundations. The oldest of them was founded in 1901. The next two in 1948. However, the real breakthrough in contacts between our and Ukrainian businesses was only the jointly organized EURO 2012. 14,335 – that is how many entities with Ukrainian capital or personal ties have been established in Poland since 2012. The total annual revenues of companies with Ukrainian capital or related (of course, those that report their results) amount to as much as PLN 18.1 billion. The revenues of the ten largest entities amount to PLN 4.44 billion, and the hundreds to PLN 9.93 billion. PLN 12.54 billion – these are the assets of companies with Ukrainian capital in Poland or related to a shareholder or board member. The data concerns entities that submitted a report for 2020. Their annual net profit is PLN 577.8 million. The vast majority of Ukrainian companies in Poland are micro and small companies. Among those that provide such data: – 6120 are micro-enterprises; – 574 small; – 39 medium; – 6 large; – 2 very large. Employment data is provided by a small fraction of entities from the aforementioned group. 1935 employs 17,602 people. And what did Polish business in Ukraine look like in February this year, i.e. before the Russian aggression? 2486 – that is how many companies with Polish capital operated in Ukraine 459 – that is how many companies with 100% Polish capital among them 1316 – that is how many of them provided information on turnover EUR 1.62 billion – that was the total turnover of 1316 companies with Polish capital 28.4 thousand – that is how many people were employed by companies with Polish capital in Ukraine. Data provided by 1,186 companies We prepared the data in connection with the conference “Supporting the economic recovery of Ukraine: Polish and European financial instruments”, which took place on November 28 in Kyiv. The conference was organized by the Union of Entrepreneurs and Employers (ZPP). InfoCredit was the substantive partner of the event. More about the cooperation of our countries in the report “Europe-Poland-Ukraine: Rebuild Together”, which was published today, i.e. on December 13, 2022 by ZPP. “Europe-Poland-Ukraine: Rebuild Together” is a program aimed at supporting the activity of Polish companies both in the context of the reconstruction of Ukraine and ongoing cooperation with Ukrainian entrepreneurs. Previous newsNext news Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
Did you know that…
Did you know that… Companies from the Poczta Polska Group paid PLN 73.3 million in CIT for 2021, and the InPost Group paid PLN 210.52 million. Rafał Brzoska’s post caused a huge storm in social media, and consequently in the economy. The CEO of Integer.pl/Inpost Group compared the amounts of income tax paid to the Polish budget by his companies and companies with foreign owners. In the courier industry, InPost is the largest tax payer – for 2021, it paid over PLN 222 million to the budget in CIT (despite significant investments), and all foreign competitors of Mr. Rafał Brzoska’s companies present in Poland about PLN 60 million less. We do not want to take part in the discussion of who, why and how much should pay taxes in Poland. We are an analytical company specializing, among others, in providing tools and analyses regarding transfer pricing. Our specialty is data and analyses. So – let them speak. Yes, the InPost Group is the largest CIT payer in the courier industry. Even the postal sector. To show this, we focused on Polish entities. We compared the results of the InPost Group companies with the results of the Poczta Polska Group companies. We adopted the methodology of the President of InPost and added up the results of the companies from both groups. The revenues of the InPost Group companies (InPost sp. z o. o., InPost Paczkomaty sp z o. o.) in 2021 amounted to PLN 4.6 billion. The revenues of the Poczta Polska Group companies amounted to PLN 6.4 billion. The operating profit of the InPost Group was PLN 1.14 billion, and the Poczta Polska Group PLN 223.8 million. Gross profit: PLN 928.6 million compared to PLN 259.28. The income tax ratios for 2021 are as follows: PLN 210.52 million to PLN 73.3 million. Of course, each company has its own specifics, mission, etc. It is difficult to compare InPost with Poczta Polska Group. Our role is to provide Customers with analyses and hard data. Which we do. If you would like to check how much and who paid into the budget for CIT – we recommend ourselves. InfoCredit – we provide data and analyses, you draw conclusions. Previous newsNext news Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
Guests from Ukraine go on their own
Guests from Ukraine go on their own A sharp increase in the economic activity of our neighbours in Poland in 2022 In 2022, there was a significant increase in the number of new businesses established by Ukrainian citizens in Poland. After February, significantly more were established than in previous years. These are mainly service activities, and the most popular industry is hairdressing and beauty treatments. But not only that. IT specialists also went out on their own in Poland this year. Still a lot of businesses (no less than in previous years) were also established in construction and transport – according to a report by the analytical company InfoCredit. By the end of 2021, there were 7,117 businesses established by Ukrainian citizens in Poland, including 6,310 active ones. This year, there was a significant increase. By the end of August, our eastern neighbors had submitted 9,374 applications to establish a business, of which 8,446 are active. – Business activity, despite increasing burdens and constant changes in tax regulations, is still the simplest form of business. With a PESEL number, with the help of volunteers and support of officials, it can be done practically immediately. Cooperation between Polish and Ukrainian businesses in rebuilding our neighbors’ country is still a matter of the future. Today, our guests are trying to find their place in our country, also in business, because they want to be independent – says Jerzy Wonka, Development Director at InfoCredit. In Poland, in general, after a significant drop in applications to start a business from 26,567 in January to 21,792 in February 2022, there was another increase of approx. 5,000 in the following months. It can be assumed that this is the result of applications submitted by Ukrainians. At least partially. Large cities as the main target Our guests started the most businesses where there is the greatest chance of gaining customers. It is no wonder that they were most willing to go to Warsaw and the largest cities. The distance from the border did not matter here. What mattered was the attractive market, the chance to settle down and find an apartment. This year, Ukrainian citizens started the most businesses in Mazovia (2262), Lower Silesia (1473) and Lesser Poland (1285) provinces. Pomerania is in 4th place, and Wielkopolska is in 5th place (1040 and 701 respectively). Interestingly, Silesia was not in the top five (only 459 businesses). Ukrainians started more businesses in West Pomerania (493), for example. In provinces located in the east of Poland, there were much fewer businesses by our guests. In the Podkarpackie region 209, in the Lublin region 253, and in the Podlaskie region only 59, even less than in the Warmia and Mazury region (61). The main business and earnings target was of course Warsaw. In the capital this year, our guests established 1,764 new businesses. In second place was Krakow (1,042), which slightly overtook Wroclaw (1,040). In Wroclaw and Gdansk, 434 and 417 businesses were established, respectively. Szczecin significantly overtook Lodz (314 vs. 237), and Katowice is not in the top seven most attractive cities for starting a business according to Ukrainians. In which industries were Ukrainian citizens most active this year? Contrary to appearances, these are not exclusively female specialties. The fact is that the largest number of applications for establishing new businesses was definitely submitted in the category “Hairdressing and other cosmetic treatments” (1,131). In second place is the activity related to software, which can be successfully performed by both women and men. This year, there was no shortage of applications for establishing businesses related to construction or transport, although in the latter case there were fewer of them than before (only 280). – Women and children constituted the vast majority of war refugees. However, many men accompany their families to our country or simply decided not to return. So they could establish businesses when their families joined them, knowing that they would stay with us for a longer time – says Jerzy Wonka. InfoCredit is a substantive partner of the conference “Europe – Poland – Ukraine. Rebuild Together”, which will be held on October 5 in Warsaw. The event is organized by the Union of Entrepreneurs and Employers and the Warsaw Enterprise Institute. More information: https://konferencjaukraina.zpp.net.pl/ Previous newsNext news Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl
A good change in transfer prices
A good change in transfer prices Grzegorz Garbarczyk, InfoCredit On August 25, the Sejm received a draft amendment to the Corporate Income Tax Act (https://sejm.gov.pl/Sejm9.nsf/druk.xsp?nr=2544), which included changes beneficial to taxpayers in the area of preparing transfer pricing documentation for so-called tax haven transactions. The most interesting change for taxpayers is certainly the repeal of Article 11o, paragraphs 1a and 1b of this Act – the effect will be the lack of the obligation to prepare transfer pricing documentation for indirect transactions with tax havens. This obligation arose in a situation where a given taxpayer’s contractor (very often an unrelated entity) made a transaction with an entity from a tax haven (reading the provision literally, even transactions of minimal value). From the very beginning, these provisions were widely criticized – by both taxpayers and tax advisors – as an excessive (and often impossible to fulfill in practice) administrative obligation. One of the arguments was that the provisions did not generate any significant benefit for the State Treasury. In our opinion, there are other, better tools to combat transfers to tax havens than transfer pricing documentation dedicated to transactions with related entities. Incidentally, another beneficial change was introduced for taxpayers, this time those entering into direct transactions with entities from tax havens. Although the obligation to document these transactions remains, the thresholds from which it arises have been significantly raised – PLN 2,500,000 for financial transactions and PLN 500,000 for non-financial transactions. The previous threshold was PLN 100,000 regardless of the type of transaction. This change will certainly result in a significant decrease in the administrative burden on taxpayers by reducing the circle of transactions covered by the obligation to prepare transfer pricing documentation for direct tax haven transactions. To sum up – the current legislative proposals of the Ministry of Finance are most advisable and beneficial for taxpayers. In a word: finally! Previous newsNext news Potrzebujesz wyceny lub zamówienia? Napisz do nas bok@inocredit.pl