Tax AlertyNew obligations for big entities from the Act on preventing excessive delays in commercial transactions

05/03/2020

On January 1, 2020, the amendment to the Act of March 8, 2013 on preventing excessive delays in commercial transactions entered into force. In connection with the above, we would like to draw your attention on two changes not related directly to taxes, but which may affect your business relations:

According to the amended Act:

  • The payment deadline specified in the contract may not exceed 60 days, calculated from the date of delivery of the invoice or bill to the debtor, confirming the delivery of the goods or performance of the service, if the debtor obliged to pay for the goods or services is a large entrepreneur and the creditor is a micro-entrepreneur, small entrepreneur or medium entrepreneur within the meaning of Annex I to Commission Regulation (EU) No 651/2014.
  • A debtor who is a large entrepreneur is required to submit to the other party of the commercial transaction a statement of having the status of a large entrepreneur. The statement should be submitted in the form in which the commercial transaction is concluded, at the latest at the time of its conclusion. There is no official template of such a statement.

The above regulations apply to both Polish entities and entities from other EU countries and EFTA countries.

We recommend verifying whether your company is a large entrepreneur and is therefore subject to the obligations described above.