It has been confirmed that the Polish Authorities are planning on enforcing split payments for industries vulnerable to VAT fraud, in particular, scrap metal, electronics, precious metals, steel and car parts for B2B transactions will come into force sometime later this year.
The impact on foreign businesses who currently settle by bank transfers which are subject to VAT in Poland will also be required to open a bank account in Poland. However, it is not clear how this will be enforced.
This story was originally posted on VAT Life, Quipsound’s quarterly newsletter in association with Essentia Global Services. Click here to see the story and more on VAT Life.