Split payment-payment Divided-enter into force on July 1, 2018 Is your business ready?

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We remind you that on 1 july. The provisions of the Act of 15 December 2017 shall enter into Force. Amending the Law on Tax on goods and services and some other set-up of a divided payment mechanism (so-called Split payment).
From 1 july, the purchaser will be able to pay the full gross amount resulting from the invoice received directly to the Seller's billing account or use the split payment Mechanism.
Below we remind you of the basic aspects of split payment:
  • Split payment is voluntary only for the buyer, the seller is forced by decision of the first to apply a split payment;
  • The gross price paid by the buyer to the Seller's bank account shall be apportioned to the net amount and the amount of VAT;
  • The amount of VAT will be transferred to a separate VAT account created automatically by the bank or the jump for each taxable vat, while the net amount shall be credited to the "basic" Seller's account;
  • The seller will practically not have access to the funds accumulated in the VAT account, in principle it will be able to use them to pay VAT to another entity or tax office;
  • The payment using a split payment can only be made on the principle of 1 payment – 1 invoice (no possibility of payment in "packages");
  • When making the payment, you will have to indicate the amount of tax on the invoice, the gross amount, the number of the invoice paid and the Seller's VAT Number.
We remind you to adapt your accounting systems to post settlements under a split Payment.

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