Bank account Archives - Thompson&Stein

How the authorities control our bank accounts?

When we decide to open an account abroad, national tax authorities can be notified about this. The Polish tax office will therefore acquire a range of financial data about our company. Only some countries have not decided to participate in such fiscal cooperation and do not automatically share information with the fiscal authorities of other countries – these include Georgia and Armenia. The automatic exchange of data is an inconvenience for entrepreneurs, who value privacy and do not want the state to have access to their bank accounts.

To improve the flow of information between national authorities, Organization for Economic Cooperation and Development (OECD) has issued Common Reporting Standards (CRS).

Why is it worth to set up a company in Poland?

Poland is the country located in the heart of Europe. The business climate, as well as the economic competitiveness, have been improving over the years and now the country has a successful economy and a large internal market (38 million citizens). It is worth noting that Poland has one of the lowest CIT rates in the European Union. What’s more it offers access to the skilled labor force as well as attractive conditions for doing business.

Benefits for investors

Corporate income tax in only 9% in Poland, which is really attractive to the entrepreneurs. This applies to the companies with revenue up to 1.2 million euros. The rate also includes entities in their first year of operation. In fact, 9% tax rate can apply to the entities with revenue higher than 1.2 million euros, with the more complicated corporate structure build on the limited partnership. It is also worth mentioning that companies are not obligated to pay divided tax. The taxation is on the receiver. Fiscal obligations do not distinguish between local firms and those owned by foreign persons, however international taxpayers can benefit from tax reliefs should they be subject to double taxation treaties (signed with more than 80 countries). There are also other fiscal reliefs for companies conducting ex. research activity.