Poland adopts new package of VAT simplifications referred to as SLIM VAT 3
The so-called SLIM VAT 3 package was adopted in Poland with the intention to further simplify and modernise VAT compliance in the country. SLIM, which stands for ‘simply, local and modern’, is a package of amendments that the Polish government has introduced in recent years. The main measures of the third SLIM package include among other changes the increase of the annual turnover limit for small taxable persons from 1.2 million to 2 million euros, clarifications on rules applicable to the exchange rates for invoice corrections and changes to administrative penalties. The simplifications are set to come into effect on 1 April 2023.