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The Warsaw Voice » Business » January 8, 2018
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VAT split payment hits smaller firms
January 8, 2018   
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Poland's freshly approved VAT split payment mechanism will pose a series of problems for smaller firms, Puls Biznesu daily writes citing entrepreneurs.
Split payment will prove particularly difficult for companies in financial difficulties as they will be able to tap into the money on the special VAT account only after obtaining a formal administrative consent, medical equipment producer Zarys International Group deputy CEO Pawel Ossowski tells the daily.
Small and middle-size companies will face the biggest liquidity problems, especially as commercial banks are reluctant to borrow them money due to the high (ca. 10%) share of small- and mid-caps in impaired loan portfolios, lawyer Agata Dziwisz observes.
Additional bureaucracy connected with the split payment accounting will increase the risk of human errors and induce additional costs related to software update, entrepreneurs surveyed by the daily complain.
Banks which have their IT systems managed by external operators will also incur costs to adapt their software to new regulations, Bank Millennium's Transactional Banking Department head Marta Postek says
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