CHANGES IN REVENUE AND EXPENSE LEDGER SINCE APRIL 2016
Since April 2016 there have been new rules amending the current rules on how the revenue and expense ledger should be run.
See the article Basic models of documentation (records of revenues, revenue and expense ledger, accounting books) as well as publication Reporting obligations of operators subject to the normal VAT rules in the form of revenue and expense ledger.
Correction of unpaid invoices
New provisions regarding revenue and expense ledger abolish the need of a revenue and expense corrections to amounts resulting from the invoices which were included in the tax costs and which have not been settled within the time limits set out in the PIT Act. This is connected with the abolition of this obligation (to eliminate payment difficulties) from the beginning of 2016. More on this topic can be found in the article Settlement of corrective invoices, changes from 2016.
Costs in R & D activity
In the new design of revenue and expense ledger there are new columns which allow to identify the costs of R & D activity in connection with the introduction of the financial relief for R & D. This change is connected with new provisions from the beginning of 2016 relating to the promotion of innovation.
The relief for the „acquisition of new technologies" was replaced by a new relief on research and development (R & D) activity. This relief consists in classifying as tax-deductible costs the costs incurred for R & D activity (in accordance with the applicable general rules in this regard). Furthermore, it makes it possible to deduct from the tax base part of these costs (the so-called eligible costs). The eligible costs are deductible from the tax base (base for settlement) tax deductible costs incurred by the taxable person for R & D activity.
In the case of relief in R & D, deductions shall be made in return for the tax year in which the eligible costs were incurred. However, if in the tax year in which the deduction is to be made, the taxable person has incurred a loss or his income is lower than the amount of the deductions, he may for three consecutive tax years deduct in returns all or part of the relief.
Abolishing the obligation of printing a ledger run by means of computer
The new legislation abolished the obligation to print a ledger carried out by computer. Now it will be sufficient to transfer the content of ledger into computer data storage device ensuring durability of recording information and allowing for quick access to data.
Abolition of necessity to draw up two physical inventories
There has also been abolished resulting from provisions the obligation to draw up two inventories, i.e. on 31 December and 1 January of the following tax year. Under the new rules, obligation to draw up a physical inventory on 1 January of the tax year does not apply to taxpayers who draw up an inventory at the end of previous tax year. In this case, instead of physical inventory on 1 January of the tax year to ledger the physical inventory established on 31 December of the previous year. More on the physical inventory can be read in the publication: Reporting obligations of operators subject to the normal rules in the form of revenue and expense ledger.
Changes were introduced by the Regulation of the Minister of Finance of 31 March 2016 amending the Regulation on running revenue and expense ledger. You will also find a new model of revenue and expense ledger and additional instructions.