Reports on payment deadlines

The Ministry of Development, Labour and Technology has just announced  that real property companies have to file the first report on their payment deadlines for 2021, that is, no sooner than in January 2022.

The obligation to submit annual reports on payment practices used in companies has been imposed on the basis of an amendment to the Act on payment deadlines in commercial transactions that came into force on 1 January 2020.

The reports have to be filed by the largest taxpayers, such as:

The amount of 50 million euro is converted into Polish zloty at the average exchange rate  announced by the National Bank of Poland on the last working day of the calendar year preceding the year in which the report is submitted.

This obligation also applies to foreign enterprises that fall within the scope of the Act on Counteracting Excessive Payment Delays in Commercial Transactions.

Reports on the payment deadlines used in commercial transactions must be submitted electronically by 31 January every year.

Information on payment deadlines used in commercial transactions must be provided by the managers of entities obliged to file the report, i.e.:

A liquidator, as well as an official receiver or administrator appointed in restructuring proceedings, is also deemed to be the manager of the entity. In the case of a tax-consolidated group, the report must be submitted by the manager of each of its constituent entities.

It should be noted that if a report is not submitted on time, all members of the multi-member body will be held liable. In turn, when the report is submitted on time by the person(s) authorised to represent the entity, all members of the management board or other governing body will be relieved of liability, regardless of whether they participated in the submission of the report or not.

The new regulations oblige the largest enterprises to report the following information:

1. business name and tax identification number;

2. value of payments received and made in the previous calendar year:

of the date of issue of the invoice or bill for the supply of goods or services;

3. value of payments not received in the previous calendar year within the due date set in the contract and the percentage of such payments in the total receivables of the year;

4. value of payments not made in the previous calendar year within the due date set in the contract and the percentage of such payments in the total liabilities of the year.

The Minister of Development, Labour and Technology is obliged to publish  a summary of the submitted reports in the Ministry's Public Information Bulletin.

Failure to file the report, as well as hindering or preventing the fulfilment of the obligation on time will be subject to a fine imposed on managers of entities obliged to file the report.

If you are interested in our assistance in fulfilling the obligation or if you have questions in this regard, please do not hesitate to contact us.