Company reporting in Poland is an essential part of running a business, with entrepreneurs required to meet various obligations regarding the submission of financial and tax reports. Polish law stipulates several main reporting forms depending on the type of company and its activities. Let’s review the key reporting requirements for businesses in Poland.
Financial Reporting
Companies in Poland are required to submit annual financial reports. These reports typically include the following documents:
- Balance Sheet – Shows the company’s financial position at a specific date (assets and liabilities).
- Income Statement (Annual) – Reflects the financial results of the company’s activities.
- Statement of Changes in Equity – Information about changes in the company’s equity.
- Cash Flow Statement – Shows the cash flow of the company over the year.
Financial reporting must comply with Polish accounting regulations, which are based on either the International Financial Reporting Standards (IFRS) or National Accounting Standards (for small and medium-sized enterprises).
For Small Companies
Micro and small companies can submit simplified financial reports, which include the balance sheet and income statement. The definition of a “small company” depends on turnover and the number of employees. Specifically, a company may be considered micro if its annual revenue does not exceed 2 million euros (converted into PLN), and small if its revenue or assets do not exceed 10 million euros, with fewer than 50 employees.
Audit of Financial Statements
Companies that are not micro or small are required to undergo an audit of their financial reports. For small enterprises, an audit is not mandatory but may be required when seeking investment or financing.
Tax Reporting
In Poland, entrepreneurs are obligated to submit regular tax reports, including:
Personal Income Tax (PIT)
Individuals working as sole proprietors (JDG) must file tax returns annually. However, they may also submit interim reports quarterly or monthly, depending on their chosen tax system.
Value Added Tax (VAT)
VAT-registered entrepreneurs must submit VAT tax returns monthly or quarterly. This includes information about VAT amounts due and paid, as well as details of transactions with suppliers and customers.
Corporate Income Tax (CIT)
Legal entities must submit tax declarations either quarterly or monthly, depending on the size and income of the company. Enterprises must also submit an annual CIT declaration after the end of the financial year. Additionally, companies are required to make monthly advance payments for corporate income tax, calculated by an accountant.
Social Security Contributions Reporting
All companies with employees are required to submit reports regarding social security contributions, which include:
- Pension contributions.
- Health insurance contributions.
- Occupational accident insurance contributions.
- Unemployment insurance contributions.
These reports are submitted monthly and must include information on the number of employees, the wages paid, and the social security contributions due.
We will prepare reports – quickly, accurately, legally
PIT, CIT, VAT, ZUS — we take care of everything. We work with individual entrepreneurs (JDG), LLCs (Sp. z o.o.) and other forms of business.
Employment Reporting
Depending on the number of employees and the nature of the business, there may be additional reporting requirements related to employment relations:
Working Conditions Report
Ensures compliance with local labor laws and standards in employment contracts.
Salary Report
Submitted to government agencies to monitor compliance with labor laws on wages.
Reporting to Government Authorities
KAS
For submitting tax declarations.
ZUS
For submitting reports on social security contributions.
GUS
For reporting certain statistical data.
Electronic Reporting
In Poland, most reports are submitted electronically via specialized platforms:
e-PIT
For tax reporting of individuals and sole proprietors.
e-Deklaracje
For submitting CIT and VAT tax returns.
ZUS PUE
For reporting social security contributions.
This system simplifies the reporting process and reduces the time required for administration.
Reporting in Poland is a crucial aspect of doing business and includes various tax, financial, and social reports. To ensure compliance with local requirements, companies must regularly submit reports to the appropriate authorities. It’s important to consider the type of company, income level, and number of employees when choosing the relevant reporting forms.
