On 15 April 2019, Poland published the Act of 4 April 2019 amending the Act on the exchange of tax information with other countries and certain other acts including Country-by-Country (CbC) reporting rules. Under this, if a group prepares its consolidated financial statements in Polish zloty (PLN), the consolidated turnover threshold for CbC reporting is PLN 3,250,000,000. Otherwise, the threshold will be EUR 750 million or the equivalent.
The changes also include a change in the deadline for submitting the CbC notification. This is changed from the last day of the reporting year to within three months following the end of the reporting fiscal year. In other words, for a calendar year ending December 31, the notification is due on March 31 of the following year instead of December 31 of the same year. CbC reporting information should be prepared in Polish and English and new rules are added with respect to the control process and making corrections.
The Act entered into force on 29 April 2019.
