The parliament approved a draft law which aims at facilitate business in Poland on 16 December 2016. Along with other things, the law launches some changes to the Accounting Law in so far that it raises the threshold of annual net income which taxpayers are not mandatory to keep full accounting records but simplified accounts.
The current threshold of EUR 1.2 million of net income derived in the year previous tax year will be increased to EUR 2 million from 1 January 2017 and if the net income derived by a taxpayer in 2016 did not exceed PLN 8,595,200 on the basis of exchange rate of 3 October 2016, the taxpayer will be entitled to keep simplified accounts. On the other hand, eligible taxpayers may chose to keep full accounting records subject to the provision that they notify the tax administration about their decision. Taxpayers must inform to the tax administration to apply this decision, by 31 January 2017.
