ASB Group has successfully advised ČS nemovitostní fond which is managed by REICO investiční společnost České spořitelny, a.s. on the acquisition of an industrial park Dubnica II in Slovakia. Park Dubnica is a new logistics centre built in 2018. It consists of warehouse, technical and office space with a total lettable area of 16.6 thousand square meters, with 100% of the rentable area already occupied. The value of the new acquisition is approximately CZK 241 million (EUR 9.5 million). ASB advisory services included comprehensive financial and tax due diligence.
On 1 January 2019, the revised CIT law introduced five conditions allowing taxpayers to recognise transfer pricing adjustments as tax-deductible. According to article 11e of CIT Act, taxpayers may adjust transfer prices and change the amount of revenue earned or tax-deductible expenses incurred provided that all of the following conditions are met:
We are pleased to inform you that ASB has become a member of the Norwegian Polish Chamber of Commerce (NPCC). We hope that membership in this association will allow us primarily to exchange experiences with Norwegian companies and to establish new partnerships.
On 5 November 2019 the President signed legislation revising the advance pricing agreement (APA) and dispute resolution mechanism rules applicable to situations involving double taxation. APA's apply to the pricing of inter-company transactions. The new rules also allow taxpayers who obtain a positive APA or tax agreement (in Polish "porozumienie podatkowe") to deduct expenses otherwise restricted under article 15e of the CIT Act. Article 15e limits tax deductions on the purchase of various advisory services and licence fees which exceed 5% of EBITDA in a tax year.
By the legally binding and effective wording of the Act No. 530/2003 Coll. on Commercial register, as amended, the obligatory registration of Ultimate Beneficial Owner (hereinafter as “UBO”) of each legal entity is established.
ASB is pleased to announce that we have joined the International VAT Association (IVA). IVA is the world’s leading independent association dealing with international VAT issues and represents the interests of businesses and advisers involved in VAT or equivalent turnover taxes around the world.
On 17 October 2019 the ECJ issued a judgment in a Polish case concerning the right to apply 0% VAT rate for export of goods if: (i) the goods have been exported to an unidentified recipient outside the EU, (ii) there is evidence that the goods have left the EU but (iii) the invoice indicates the wrong name of the recipient.
On 1 January 2020 a package of new VAT regulations for intra-community transactions, the so-called “Quick fixes”, will come into force. These follow from an amendment to EU Directive and Regulation governing VAT on intra-community transactions.
The ASB office in Warsaw won the Office Superstar 2019 prize, at the same time being recognised as the best office in Poland in the BPO/SSC category, according to the CBRE competition.