In the case of entities registered in the United Kingdom, having an EORI number was related to transactions with third countries. However, due to the fact that the United Kingdom is leaving the European Union, it will be necessary to have an EORI number for further operation of entities. Therefore, entrepreneurs conducting transactions with European Union Member States should have an EORI number. The lack of this identifier results in stopping the flow of goods.
Abbreviation of EORI (Economic Operators’ Registration and Identification) in other words, it is the EU system for verifying flows of goods to register and identify economic operators for customs purposes. This system operates in every member state of the European Union. Additionally, some changes are coming early in 2021, so read our article to know more.
The Ministry of Finance announced 16 July 2020 a package of changes to facilitate calculation and settlement of VAT. The aim of proposed changes is to make VAT easier, more modern, and adopted to the local reality, i.e. the high presence of small and medium-sized firms in Poland that settle their taxes on their own.
The Polish Ministry of Finance has started to listen to the business demands in the field of VAT simplification. SLIM VAT is a package of changes that will make the VAT easy to use, adapted to the local specificity of the country in which it operates. The assumptions for the changes were prepared for small and medium-sized enterprises but the larger businesses will also benefit from it.
On 15 July the European Commission (EC) adopted a new tax package (Tax Package) to ensure that the EU tax policy supports Europe’s economic recovery and its long-term growth. The aim of the Tax Package is to reduce unfair tax competition and increase tax transparency through simplifying tax rules and procedures. The adopted Tax Package seeks to promote fair taxation by offering support to the Member States in a crisis situation.
We remind that only until 31 July 2020 taxpayers may submit an application for a subsidy from Financial Shield for micro, small and medium-sized enterprises. At midnight on 31 July, forms dedicated to subsidies from Polish Development Fund (PFR) will disappear from bank transaction websites - the Polish government has not decided to extend the program.
In an effort to prevent a significant spread of coronavirus, the Government of the Czech Republic has taken a number of exceptional measures resulted in the reduction of economic activity of many companies. These included, for example, the compulsory closure of selected establishments, the closure of schools or the closure of borders. These measures along with the coronavirus pandemic lead to the significant reduction of the Czech economy´s performance. In order to minimize the economic impact of the coronavirus pandemic, the Government of the Czech Republic and the Parliament have decided to adopt several instruments that should help the affected companies.
Confused by tax terms and lingo? We prepared a list of most used tax terms by which we would like you to gain better awareness of tax terminology. The glossary of terms is our translation of over 190 common tax and economic/business terms.
On 30 June 2020 new Regulation of the Minister of Finance on the extension of certain deadlines related to transfer of information on tax arrangements and exchange of tax information with other countries (the MDR Regulation) entered into force.