On January 1, 2024, the so-called minimum tax came into effect - a new fee covering companies or capital groups, which will show losses or low profitability in the annual settlement.
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Companies or tax capital groups, whose headquarters or management is located in Poland, from January 1, 2024, are subject to the minimum tax. The tax was established in October 2021 as part of the "Polish Deal" and was initially supposed to come into effect at the beginning of 2022. Ultimately, the then ruling party moved this date to the beginning of 2024.
According to the new regulations, the minimum tax will be charged if, when settling the annual accounts, companies or tax capital groups show losses or their income does not exceed 2% of revenues. Importantly, the period taken into account when calculating the new fee is three years. So if in one of these years the profitability of a given entity exceeds the mentioned 2%, the minimum tax will not apply.
The fee is calculated in two ways. The tax base is either 4% of the company's revenues, or 2% of revenues increased by debt and intangible financing. In both cases, the tax rate is 10% of the base.
According to the regulations, in the case of the minimum tax, advances are not counted. This means that despite the law coming into effect at the beginning of 2024, the first settlement of the minimum tax will take place in 2025.
There are also specific exceptions to the minimum tax charges. On their list are financial institutions, municipal companies, mining companies receiving public aid, entities providing health-related services, and companies in bankruptcy, liquidation, or restructuring. "Small taxpayers" are also exempt from this obligation.
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