We have a very difficult year behind us and a vision of a post-covid crisis that has already hit some industries hard. We're in. 2021 with a lot of experience, but there's no reason to think that we can only draw from it. Although the galloping changes in the digital world will force us all to develop continuously, including in the area of law, which will have to take into account some new reality.
In this issue, we write about the facilitations and rules for the grant of restructuring under simplified rules, which are laid down in the Act of 16 July 2020 State aid for rescuing or restructuring entrepreneurs.
They will be of interest to those entrepreneurs who have already applied for opening one they are considering restructuring proceedings or are considering such a possibility because of the difficult financial situation.
It is worth noting that the choice of the form of financing should be defined already at the stage of the development of the assumptions for the restructuring plan, and in this field can give effective support to our restructuring advisors.
In 2021 restructuring measures will certainly be intense due to the economic situation and unfortunately, there is also a lot of worrying information, such as the one concerning the restrictions on the settlement of tax losses resulting from these measures.
Amended provisions of the Income Tax Act, specifically added content Article 7(3)(7) Corporate Income Tax Act assumes that in some cases mergers, divisions or acquisitions are virtually impossible to settle losses.
The taxpayer will not have the right to settle tax losses in the event of the acquisition of another entity, the transfer of an income in the form of an undertaking or an organised part of it, and when a financial contribution has been made to the company for which the taxpayer acquired the undertaking or its organised part, if (a) the subject matter of the taxable person’s actual principal business after such acquisition or acquisition, in whole or in part is different from that of the taxable person’s principal business before such acquisition or acquisition, or (b) at least 25% the taxpayer’s share(s) is owned by an entity or entities which, at the end of the tax year in which the taxpayer suffered such a loss, did not hold such rights.
So we get from the government – with one party’s financial support, which we know sometimes only theoretical, and with second reliefs and facilitations are taken, which in a pandemic age would be real support. We keep our hands on the line for you, and we will inform and support your business.
With the wishes of a great year 2021, successful in working life
Katarzyna Kołbuś Leading editor
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News
• Meeting of Managers and Young Partners 2020 RBI
Number theme
• New financial support for companies in restructuring
Taxes
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• Poland at the end of the Tax Foundation ranking
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- Draft amendments to administrative enforcement rules