SLIM VAT 3: Everything you need to know

July 27, 2023

SLIM VAT 3 came into force on 1 July 2023. It introduced changes concerning the Value Added Tax Act, as well as amendments to other laws. The SLIM VAT 3 changes aim to improve accounting and streamline the paperwork for this tax.

Here are some important changes that took effect from 1 July 2023.

Small VAT taxpayer

A small taxpayer is an entrepreneur whose income from the sale does not exceed a fixed amount. So far, the limit for a small VAT taxpayer was 1 200 000 euro. When the amendments of SLIM VAT 3 entered into force, this limit now has been increased to 2 000 000 euro. From 1 July, taxpayers who exceeded the limit of 1 200 000 euro in 2022, but did not exceed the limit of 2 000 000 euro settle quarterly. Furthermore, taxpayers whose income from sales from 1 January to 30 June 2023 exceeded the limit of 1 200 000 euro, but their income was not bigger than 2 000 000 euro may settle quarterly.

ICAG settlement without an invoice   

Intra-Community Acquisition of Goods, shortened as ICAG, takes place when a company from an EU country is purchasing the goods from a company from the other EU country. In this situation, VAT tax is settled by the buyer. From 1 July 2023, the obligation to have an invoice from a foreign contractor has been dropped in order to deduct VAT on ICAG. After the change, the taxpayer will not have to correct the deducted VAT when three months have passed from the end of the month in which the tax obligation arose. The only condition will be the settlement of VAT tax on ICAG.

HUB receipt

Receipts or invoices that are issued for sales in paper or electronic form, but only if there is a consent from the buyer. Documents are issued via the system of the Head of the National Tax Administration. Issuing receipts will be improved significantly when the HUB receipt is created. From 15 September 2023 onwards, taxpayers will be able to issue a receipt or invoice in an electronic form and sent it, with the consent of the buyer and in a previously agreed manner, using the system of the head of the National Tax Administration. The HUB receipt can be used voluntarily, the system is expected to work continuously. It is predicted that if problems with the availability of the system arise, receipts are expected to be issued in paper form. Using the system is conditioned by uploading the proper system and having online cash registers.

Exchange rate when correcting invoices

Until 30 June 2023, there were no established exchange rate rules for correcting invoices, which are issued for original invoices in a foreign currency. With the changes in SLIM VAT 3, the regulations on which exchange rate to adopt were specified. In the case of the “in plus” correction, the practice has so far been to determine the exchange rate depending on the reason for the correction. After July changes, the original exchange rate is used, i.e. the one used in the corrected invoice, regardless of the reason for the correction. With the correction “in minus” it is similar – the primary rate is used. For collective corrections, the exchange rate from the last business day preceding the issuance of a collective correcting invoice will be used.

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Text based on: SLIM VAT 3 – przegląd zmian. Co się zmieni w VAT od 1 lipca i od 15 września 2023 r.?

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