The Finance Ministry has published proposals for two new regulations (one for CIT and the other for PIT purposes) in the matter of countries and territories applying harmful tax competition (tax havens). These two regulations, which formally lay down the list of tax havens, are expected to enter into force already in March.

The regulations are being introduced on the back of new transfer pricing rules which took effect on 1 January 2019, but for now no changes are supposed to be made to the actual list of countries and territories which Poland considers to be tax havens. The new list (exactly the same as the old one laid down in 2017) will continue to contain the same 26 countries and territories, including for example the Principality of Andorra, the Kingdom of Bahrain, British Virgin Islands, Hong Kong, the Republic of Liberia, Macau, the Republic of Maldives, and the Principality of Monaco.

However, the Polish tax havens list may well be changed in the months to come now that the EU published its updated blacklist of non-cooperative tax jurisdictions in mid-March. The new EU blacklist includes such newcomers as Barbados, United Arab Emirates, Oman, and Fiji.

According to the governmental memorandum supporting the two legislative proposals of the Polish Finance Ministry, developments at both EU and OECD levels are supposed "to be monitored on a regular basis by the Finance Ministry, including with a view to revising the list of countries and territories applying harmful tax competition".

We will keep you posted about any changes on the Polish list of tax havens.

If this issue pertains to your business and you are interested in our assistance, please contact your WTS&SAJA consultant or our office.

Doradztwo Podatkowe WTS&SAJA Sp. z o.o. 

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This Newsletter is provided for general information purposes to keep you up-to-date with changes in tax law, tax rulings by authorities, case law of courts and interesting commentaries. Doradztwo Podatkowe WTS&SAJA shall not be held legally liable for any acts or omissions resulting from reliance on such information.

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