Oct172024

Support for Polish flood relief efforts: CIT, PIT, and VAT provisions

In September 2024 severe floods struck Poland, which have caused significant losses for some businesses. This natural disaster prompted significant relief efforts from other entrepreneurs  and individuals. In response, the government introduced temporary tax measures, aiming to support those rallying to support the victims of the recent floods.

In the new article in the International Tax Review Monika Dziedzic and Paweł Wyciślik, MDDP experts, explain the key provisions which are designed to support persons facilitating flood recovery. In the summary the authors discuss:

  1. CIT deductions for corporate assistance;
  2. VAT relief for donations;
  3. PIT deductions for individual donors.

“Poland’s tax system offers several ways for businesses and individuals to support flood recovery through CIT, PIT, and VAT provisions. While no specific CIT or PIT measures were introduced for flood relief, the existing rules allow deductions for donations to public benefit organisations, with limits on the deductible amounts. Proper documentation is essential to ensure compliance with the tax authorities” –  our experts summarize.

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#MORE in International Tax Review >> https://www.internationaltaxreview.com/article/2dwco0qmw22wmdk1xtn9c/sponsored/support-for-polish-flood-relief-efforts-cit-pit-and-vat-provisions.