New limit for cash transaction between entrepreneurs

With the January 1, 2017 the changes were introduced in the law on freedom of economic activity and income taxes (both of individuals and legal entities) in Poland. They implement exemption from tax deductible costs of those purchases that have not been dealt with cashless way. The limit for cash transactions between entrepreneurs has been fixed at 15 000 PLN, but the amount is not applicable to a single payment or invoice, but to a transaction, that may consist of multiple payments or invoices. In case of violation of this provision expense paid with violation of the law, i.e. in cash, will not be tax deductible.

Author: Tomasz Wikliñski, THOMAS Sp. z o.o.