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proALPHA Information
What’s New in Accounting for 2017?
Table of Contents
2016 proALPHA Business Solutions GmbH
proALPHA Information - What's New in Accounting for 2017.docx - 22.12.2016
Baumeister, Wilhelm
Page 1 (21)
Table of Contents
1. Introduction ................................................................................................................................................. 3
2. Germany ............................................................................................................................................. 4
2.1 Sales Tax ............................................................................................................................................................ 4
2.2 New ID 23 in the Advance Sales Tax Return ....................................................................................... 4
2.3 New ID 123 in the Sales Tax Return ....................................................................................................... 5
2.4 German BilRUG (Law to Implement Accounting Directives) ........................................................ 6
2.5 Additional Information Required in Fixed Asset Analysis ............................................................. 8
3. Austria ................................................................................................................................................ 10
3.1 RÄG (Law on Changes in Accounting) ................................................................................................10
3.2 Balancing and Valuation ...........................................................................................................................10
3.3 Balance Sheet Structure ............................................................................................................................11
3.4 Valuation Rates for Fixed Assets ...........................................................................................................12
3.4.1 Changes in Depreciation According to Section 226, Paragraph 1, Line 5 of UGB ............12
3.4.2 Capitalized Interest on Borrowings According to Section 226, Paragraph 1, Line 6 of
UGB ...................................................................................................................................................................12
4. Switzerland ...................................................................................................................................... 14
4.1 Payment Transactions (ISO 20022) .......................................................................................................14
4.1.1 General Information ...................................................................................................................................14
4.1.2 Schedule ..........................................................................................................................................................14
4.1.3 Further Information ....................................................................................................................................15
5. Italy ...................................................................................................................................................... 16
5.1 Spesometro ....................................................................................................................................................16
5.2 Investment Promotion through Increased Depreciation Allowance .......................................16
6. Hungary ............................................................................................................................................ 18
6.1 Sales Tax ..........................................................................................................................................................18
6.2 Exporting Accounts Receivable ..............................................................................................................18
6.3 Real-Time Invoice Data Supply ..............................................................................................................19
Introduction
2016 proALPHA Business Solutions GmbH
proALPHA Information - What's New in Accounting for 2017.docx - 22.12.2016
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7. Poland ............................................................................................................................................... 20
7.1 Standard Audit Files (SAF) .......................................................................................................................20
7.2 SAF for Large Companies .........................................................................................................................20
7.3 SAF for Small Companies .........................................................................................................................20
7.4 Foreign Companies .....................................................................................................................................20
8. Disclaimer ................................................................................................................................................... 21
Introduction
2016 proALPHA Business Solutions GmbH
proALPHA Information - What's New in Accounting for 2017.docx - 22.12.2016
Baumeister, Wilhelm
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1. Introduction
This document provides information about relevant changes in accounting which take effect as of
2017. Each chapter deals with a different country.
The following countries are concerned:
Germany
Austria
Switzerland
Italy
Hungary
Poland
"In this world nothing can be said to be certain, except death
and taxes."
Benjamin Franklin, US Politician
and Scientist
* January 17, 1706 † April 17, 1790
Germany
2016 proALPHA Business Solutions GmbH
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Baumeister, Wilhelm
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2. Germany
2.1 Sales Tax
Since 2005, sales tax returns and advance sales tax returns have to be processed electronically with
ELSTER. Software providers can automatically create these returns in the respective system by using
the Elster Rich Client (EriC) library. Structural modifications have been made here, which are
contained in the year-end update in proALPHA. Installing the update is a requirement to
electronically transmit the advance sales tax return and VAT information exchange report for 2017
and the sales tax return for 2016.
2.2 New ID 23 in the Advance Sales Tax Return
To modernize the taxation system, German authorities have decided to give taxpayers the
possibility to include additional or different information in tax returns. "1" has to be entered in line
75 (ID 23) for this purpose. This line is shown in the image below:
The information has to be provided on a separate sheet with the title "Ergänzende Angaben zur
Steueranmeldung" ("Additional information on the tax return").
Germany
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What you need to do in proALPHA to include additional information:
Set up the new ID 23 for sales tax and enter the respective period and a remark text.
The "Tax" and "Sales" radio buttons can be ignored.
When the advance sales tax return is transferred via Elster, the entry "1" for the ID 23 and
the text are automatically transmitted.
Note: These data are not displayed in a print preview.
2.3 New ID 123 in the Sales Tax Return
The changes described in section 2.2 also apply to sales tax returns as of the report period 2017.
Germany
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2.4 German BilRUG (Law to Implement Accounting Directives)
The EU directive 2013/34/EU was implemented in German law with BilRUG on July 17, 2015. BilRUG
is a major change to commercial laws and part of the initiative to harmonize the European legal
framework by making annual reports and financial statements provided by company groups
comparable throughout Europe. BilRUG has a significant impact on balancing and reporting. The
changes apply to annual reports after December 31, 2015, and have three major effects:
Monetary threshold values are increased, and sales revenues are redefined.
Various documentation and disclosure requirements will be specified more clearly and
extended.
Corporate disclosure will include a report on payments to authorities.
For individual financial statements, the threshold values of size classes for corporations will be
increased. The following table shows the new thresholds as per section 267 of German HGB:
Size Classes for
Corporations
Balance Sheet
Total €k Sales Revenues €k
Number of
Employees
Previous Now Previous Now Previous Now
Smallest 350 350 700 700 10 10
Small 4.840 6.000 9.680 12.000 50 50
Medium 19.250 20.000 38.500 40.000 250 250
Large >19,250 >20,000 >38,500 >40,000 >250 >250
As before, the data of two successive fiscal years are required to define the size class. Two out of
three features have to apply (section 267, paragraph 4 of German HGB). Initially, companies were to
be given the right to choose whether they wanted to apply the new size classes to their commercial
annual reports as of 2014 retrospectively. However, this would have caused problems with the e-
balance, which is why this right of choice was not given.
While the new thresholds for corporations are likely to have only little effect in practice, the
redefinition of sales revenues presents a major challenge: Section 277, paragraph 1 of the new
version of German HGB now stipulates the following according to German BilRUG:
The following have to be classified as sales revenues: revenues from
selling, renting and leasing products as well as from services provided by
the corporation after revenue reductions, sales tax and other tax directly
related to sales have been deducted.
Germany
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As a result, deliveries and services rendered are no longer classified as "ordinary business".
According to the new definition, the following business transactions belong to sales revenues:
Sale of products (fixed assets excluded other operating income)
Earnings from rentals and leases
Provision of services
The structure of the profit and loss statement according to section 275 of German HGB will also be
changed. The items of extraordinary earnings and extraordinary expenses as well as
extraordinary income will be removed.
P&L Structure - Old Version P&L Structure - New Version
13. Interest and Similar Expenses 13. Interest and Similar Expenses
14. Income of Ordinary Activities
15. Extraordinary Earnings
16. Extraordinary Expenses
17. Extraordinary Income 14. Taxes on Income
18. Taxes on Income 15. After-Tax Income
19. Miscellaneous Taxes 16. Miscellaneous Taxes
20. Annual Surplus/Annual Deficit 17. Annual Surplus/Annual Deficit
What you need to do in proALPHA:
Set up new revenue accounts for the accounts used so far for extraordinary expenses and
earnings.
Alternatively: Rename the account descriptions used so far.
Define new analyses and assign the new revenue accounts to the respective analyses (P&L,
MgA, etc.)
Alternatively: Regroup the revenue accounts used so far in new analyses for comparisons to
previous years.
The law also places new demands on larger companies with respect to reporting and notes to
financial statements. To comply with BilRUG, several steps need to be taken. The most important
changes are listed in the following:
The currency conversion as per section 284, paragraph 2, number 2 of German HGB no
longer needs to be specified.
Germany
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Sales revenues have to be divided by activities and geographical markets if these differ
greatly with respect to the organization of selling, renting and leasing products and of
providing services by the corporation (section 285, number 4 of the new version of German
HGB).
Taxes on extraordinary income do not have to be specified (section 285, number 6 of
German HGB).
The period over which purchased goodwill is depreciated has to be explained (section 285,
number 13 of the new version of German HGB).
In addition to the data on deferred taxes provided so far, the deferred tax balances at the
end of the fiscal year have to be specified as well as the changes made to these balances in
the balance sheet during the fiscal year if the balance sheet involves deferred tax liabilities
(section 285, number 30 of the new version of German HGB).
The amount and the type of extraordinary revenues and expenses have to be specified and
explained, provided they are not of minor importance (section 285, number 31 of the new
version of German HGB).
Explications of the amount and type of individual expense and revenue items which belong
to another fiscal year have to be specified, provided the amounts are not of minor
importance (section 285, number 32 of the new version of German HGB).
2.5 Additional Information Required in Fixed Asset Analysis
In addition to the data provided up to now, changes in depreciation related to acquisitions,
disposals and transfer postings have to be specified as an amount. Moreover, it has to be specified
for each fixed asset how interest for outside capital was included in the manufacturing costs of the
fiscal year (section 284, paragraph 3 of the new version of German HGB).
The Institute of Public Auditors in Germany IDW has published a statement on use cases of BilRUG
(IDW BilRUG 01-2016) according to which additional information has to be entered in the fixed
asset analysis in exceptional cases only, e.g., in case of mergers or a book value carryover as part of
a conversion according to section 24 of German UmwG.
Germany
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What you need to do in proALPHA:
If manufacturing costs include interest on borrowings, they will be mapped as a secondary asset in
fixed asset accounting. Proceed as shown in the example below:
In the fixed asset analysis, mandatory information about interest on borrowings is displayed in a
separate line:
Fixed asset master files of interest on borrowings
(Fixed asset number 4715_01 = Secondary asset)
Fixed asset master files: self-constructed building
(Fixed asset number 4715_00 = Main asset)
Austria
2016 proALPHA Business Solutions GmbH
proALPHA Information - What's New in Accounting for 2017.docx - 22.12.2016
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3. Austria
3.1 RÄG (Law on Changes in Accounting)
The directive 2013/34/EU of the European Parliament and Council from June 26, 2013, on annual
reports, consolidated reports and related reports by companies of specific legal forms was
implemented in Austrian law with RÄG, just like BilRUG in Germany. RÄG entails changes to the
current Austrian Commercial Code UGB. It has to be applied for the first time to fiscal years starting
after December 31, 2015 (in case of calendar years: as of the annual report on December 12, 2016;
in case of deviating fiscal years: annual reports as of 2016/2017). It is not to be applied earlier
(section 906, paragraph 28 of Austrian UGB).
The following goals are to be achieved with RÄG:
Relieving the pressure on small companies
Creating clear structures
Making annual reports comparable
Protecting users' basic needs, especially by providing required information on accounting
principles
Increasing the transparency in companies
The aspects relevant to accounting are described in detail in the following:
3.2 Balancing and Valuation
RÄG codifies the following generally accepted accounting principles:
Principle of economic substance
When business transactions are entered in the balance sheet and disclosed, their economic
substance has to be taken into consideration.
Principle of materiality
Disclosure requirements do not have to be fulfilled if items are immaterial.
Principle of reliable estimation
Estimations are to be based on thorough assessments. Values gained from experience that
can be determined statistically and affect similar matters are to be taken into consideration,
too. This is to help predict the creation of flat reserves and flat value corrections so that
they can be accepted for tax purposes.
Principle of continuity
This principle now also applies to balancing and valuation methods.
Deviations from these and other GAAP are allowed in exceptional cases only. These deviations have
to be specified in the appendix and justified. Their effect on the company's assets, financial
situation and income has to be documented. Companies outside of this scope, especially specific
partnerships and sole proprietors, do not have to enter additional information.
Austria
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3.3 Balance Sheet Structure
RÄG entails the modification of the balance sheet structure according to section 224 of Austrian
UGB. Receivables and liabilities whose remaining time exceeds one year now also have to be
disclosed. Detailed information can be found in section 225, paragraphs 3 and 6 of Austrian UGB:
Paragraph 3: Receivables whose remaining time exceeds one year have
to be specified for each separate item on the balance sheet.
Paragraph 6: Liabilities with a remaining time of up to one year and
liabilities with a remaining time of more than one year have to be
specified for the items C1 to 8 in separate and consolidated form.
What you need to do in proALPHA:
Extend the existing balance sheet structures to map receivables and liabilities whose
remaining time exceeds one year according to section 224 of Austrian UGB.
Create new accounts to separately disclose the receivables and liabilities whose remaining
time exceeds one year.
The following accounts have to be created:
Receivables RmTme > 1 Year Domestic Country
Transfer Posting Receivables Domestic Country (Cross Account)
Receivables RmTme > 1 Year Foreign Country
Transfer Posting Receivables Foreign Country (Cross Account)
Liabilities RmTme > 1 Year Domestic Country
Transfer Posting Liabilities Domestic Country (Cross Account)
Liabilities RmTme > 1 Year Foreign Country
Transfer Posting Liabilities Foreign Country (Cross Account)
Austria
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proALPHA Information - What's New in Accounting for 2017.docx - 22.12.2016
Baumeister, Wilhelm
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3.4 Valuation Rates for Fixed Assets
RÄG entails changes to valuation rates for fixed assets and their disclosure in the fixed asset
analysis.
Up to now, the following information had to be included in the fixed asset analysis:
Acquisition or manufacturing costs at the beginning and end of the fiscal year
Acquisitions and disposals as well as transfer postings during the fiscal year
Depreciation and appreciation of the fiscal year
Status of accumulated depreciation at the end of the fiscal year
RÄG stipulates that the following information has to be added:
Accumulated depreciation at the beginning and end of the fiscal year
Changes in depreciation related to acquisitions, disposals and transfer postings during the
fiscal year
Amount capitalized during the fiscal year if interest on borrowings according to section
203, paragraph 4 of Austrian UGB was capitalized (option to capitalize so-called
"construction period interest" during construction)
3.4.1 Changes in Depreciation According to Section 226, Paragraph 1, Line 5 of UGB
According to Wirtschaftstreuhand GmbH for tax advisors and auditors, Linz (www.icon.at), changes
in depreciation related to acquisitions, disposals and transfer postings have to be disclosed
separately in exceptional cases only. Exceptional cases include reorganization and mergers.
3.4.2 Capitalized Interest on Borrowings According to Section 226, Paragraph 1, Line 6
of UGB
According to section 226, paragraph 1, line 6 of Austrian UGB, the interest amount capitalized
during the fiscal year has to be specified as defined in section 203, paragraph 4 of Austrian UGB.
Since the law does not stipulate the format that is to be used to specify this amount, it can be
specified freely in the annual report. In Austria, two ways are used in practice to specify the amount:
The interest amount capitalized during the fiscal year is shown as an acquisition in a
separate column or
It is shown as an "Of which" remark in a separate line below
The second way provides much more information because it shows how the interest amount and
corresponding depreciation developed.
Austria
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What you need to do in proALPHA:
If manufacturing costs include interest on borrowings, they will be mapped as a secondary asset in
fixed asset accounting. Proceed as shown in the example below:
In the fixed asset analysis, mandatory information about interest on borrowings is displayed in a
separate line:
Fixed asset master files of interest on borrowings
(Fixed asset number 4715_01 = Secondary asset)
Fixed asset master files: self-constructed building
(Fixed asset number 4715_00 = Main asset)
Switzerland
2016 proALPHA Business Solutions GmbH
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4. Switzerland
4.1 Payment Transactions (ISO 20022)
4.1.1 General Information
Instead of SEPA, Switzerland plans to introduce ISO 20022: the country wants to gradually
harmonize standards for electronic payment transactions by 2020 in order to establish a procedure
similar to SEPA, which is used throughout Europe and also based on ISO 20022. Bank transfers and
direct debits will be processed completely on this basis and harmonized with European standards.
The new standard will replace numerous different rules, procedures and formats for bank transfers,
direct debits and documents in Switzerland. This harmonization will be of great benefit to all Swiss
companies.
To harmonize Swiss payment transactions, the national, proprietary formats DTA/EZAG/EGA/ESR
and LSV+/BDD will replaced or extended with the ISO 20022 standard in XML format.Moreover, a
new inpayment slip will replace all former payment slips.
4.1.2 Schedule
As of 2017, the formats pain.001 and camt.054 will be converted to the new format. DTA/EZAG
transactions will be replaced with pain.001, ESR (V11 file) with camt.054. As of 2018, further formats,
pain and camt logs including inpayment slips with QR code will be implemented.
6.2
6.1
5.2
Phase 2: 2018
Further pain and
camt plus QR code
Phase 1: 2017
pain.001
camt.054
Phase 1: 2017
pain.001
camt.054
Phase 1: 2017
pain.001
camt.054
Phase 2: 2018
Further pain and
camt plus QR code
Phase 2: 2018
Further pain and
camt plus QR code
Switzerland
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4.1.3 Further Information
Further information can be found on the following websites:
https://www.iso-20022.ch
http://www.paymentstandards.ch/de/home.html
http://www.snb.ch/de/iabout/paytrans
Italy
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5. Italy
5.1 Spesometro
The report obligation Spesometro was introduced in Italy at the beginning of 2012. It stipulates that
corporate taxpayers with an Italian sales tax ID have to report delivered and received goods and
services if these were completed in the respective calendar year.
The Budget Act (decree number 193/2016) entails changes with which quarterly report obligation is
introduced, the so-called Quarterly Spesometro and Quarterly Liquidation.
Periods in 2017 are as follows:
Report Period Spesometro +
Liquidation
January 2017-07-25
February 2017-07-25
March 2017-07-25
1st Quarter 2017-07-25
April 2017-08-31
May 2017-08-31
June 2017-08-31
2nd Quarter 2017-08-31
July 2017-11-30
August 2017-11-30
September 2017-11-30
3rd Quarter 2017-11-30
October 2018-02-28
November 2018-02-28
December 2018-02-28
4th Quarter 2018-02-28
5.2 Investment Promotion through Increased Depreciation Allowance
One of the most essential features of the Stability Law 2016 is an investment promotion for the
purchase of certain fixed assets. It allows businesses to write-off another 40% in addition to the top
limit of 100% stipulated by law for acquisition and manufacturing costs.
The so-called "Super Depreciation", or "Superammortamento", can be used under the following
conditions:
Italy
2016 proALPHA Business Solutions GmbH
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New assets/used assets are exempt from the promotion
Airplanes, power lines, gas pipes, and railroad cars are also exempt
Assets acquired between October 15, 2015, and December 31, 2016
Fixed assets with a depreciation rate of > 6.5% p. a.
Depreciation of another 40% that was possible in 2016 also applies to specific intangible assets in
2017.
What you need to do in proALPHA:
Enable the FAA function "Depreciation Under 0"
Set up a new depreciation method "Superammortamento"
Define a factor for linear depreciation: 1.40
Set up a second level for the finalization of the depreciation
when the top limit of 140% is reached
Hungary
2016 proALPHA Business Solutions GmbH
proALPHA Information - What's New in Accounting for 2017.docx - 22.12.2016
Baumeister, Wilhelm
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6. Hungary
6.1 Sales Tax
In summer 2016, Hungarian authorities made changes to tax regulations that will take effect in
January 2017. On accounts receivable with a sales tax of more than HUF 100,000 (approx. EUR 330),
the tax number of the invoice recipient has to be specified. For the domestic VAT information
exchange report (VIE), there will be a transitional period until June 30, 2017, in which a limit of a
sales tax of 1 million HUF will apply.
6.2 Exporting Accounts Receivable
As of 2016, all software used for the creation of accounts receivable has to feature a function for
exporting all invoices into one XML file. Upon request, the structured export has to be provided to
the National Tax and Customs Office (Nemzeti Adó- és Vámhivatal, or short "NAV") on a data
carrier. This request is usually made during an audit effected by the tax authorities. This way, the
contents of the invoices can be efficiently checked. There is no regular obligation or a fixed
deadline for an XML export to be provided to the tax authorities.
In this respect, the following modifications were made in proALPHA:
The Sales | Invoice menu was given a new menu item: "Adóhatósági ellenőrzés adatszolgáltatás"
("Data Export for Auditor"). In the corresponding option dialog, you can choose the data to be
selected.
Then you can select the directory in which the file is to be stored. The name of the file is structured
in the following way: "NAVDAT" + yy.mm.dd + ".xml".
The file contains the following pieces of information:
Information on the invoicing party and the invoice recipient
Information on the line items of the products/services
Miscellaneous (remarks, payment periods, currency, etc.)
A final list of the totals for determining the tax value, counter value and determination
base.
Hungary
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6.3 Real-Time Invoice Data Supply
Moreover, the so-called "real-time invoice data supply" will apply as of July 2017. It stipulates that
all corporate taxpayers in Hungary have to transmit their automatically generated invoice data to
the tax authority online. The software therefore has to be able to provide all requested data of an
account receivable with a sales tax of more than HUF 100,000 (approx. EUR 330) in electronic form
and in real time. The final version of tax regulations was not yet available when this document was
created (December 2016). For example, it is not clear whether invoice data have to be transmitted
online to the tax authority before or at the time of invoicing. proALPHA will implement this
requirement and publish corresponding information in due time.
Poland
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Baumeister, Wilhelm
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7. Poland
7.1 Standard Audit Files (SAF)
Changed tax regulations apply in Poland as of July 1, 2016. New regulations oblige taxpayers to
store all data required for tax returns and VAT information exchange reports in electronic form.
Taxpayers have to transmit VAT-relevant data as an SAF without a prior request by tax authorities.
Data have to be transmitted monthly by the 25th day of the next month. Depending on the size of
the company, report obligation takes effect on different dates. proALPHA supports SAF in the
Polish country version.
SAF is part of the Polish Ministry of Finance's initiative to reform electronic tax audit in Poland. The
new format is obligatory and serves as the uniform basis for all tax audits by tax authorities in
Poland. Tax authorities have announced further changes.
7.2 SAF for Large Companies
Large companies have to transmit files in the SAF-T format since July 1, 2016. The following
companies are considered large companies if the following apply to at least one of the last two
fiscal years:
More than 250 employees worked for the company on average during the year.
Net income from selling goods and services as well as financial transactions exceeds EUR
50 millions (determined based on invoices, receipts, and other accounting documents) and
the balance sheet total at the end of one of the two fiscal years exceeds EUR 43 millions.
7.3 SAF for Small Companies
If the number of employees has not exceeded 250 in one of the two fiscal years and if only one of
the threshold values mentioned above has been exceeded (annual turnover or total assets), the
company is not considered a large company. Report obligation in this case applies as of January 1,
2017.
7.4 Foreign Companies
Companies that are not based in Poland but are registered for sales tax in Poland also have to
transmit data in the SAF format.
Disclaimer
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8. Disclaimer
This document is intellectual property of proALPHA Business Solutions GmbH. It may not be
disseminated, reproduced, published or used in any other electronic or printed publication without
the prior written consent of proALPHA Business Solutions GmbH. The contents of this document
have been created with utmost care. proALPHA cannot be held liable for the currentness,
correctness and completeness of the information provided, nor for any damage caused due to the
use of these recommendations or for any actions taken on the basis of the information provided.
The information in this document is not binding and does not represent any legal advice nor can it
replace any legal advice.