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Favorable tax changes in crypto currency in Poland

Pursuant to the new regulation issued by the Polish Minister of Finance on July 11, 2018 regarding the cessation of collection of tax on civil law transactions from a sale or exchange of a virtual currency, published on the basis of art. 22 § 1 point 1 of the Tax Code – according to which: “the minister competent for public finance may, by regulation, in cases justified by public interest or important interest of taxpayers: stop all or part of the collection of taxes”, there was introduced the cessation of the collection of tax on civil law transactions from taxpayers who purchase virtual currency referred to in Art. 2 para. 2 point 26 of the Act on Counteracting Money Laundering and Terrorism Financing. These are beneficial changes for those who trade in crypto currency. According to the information obtained from the Polish Ministry of Finance, the new regulation is a response to the controversy regarding the interpretation line in respect of civil law transactions tax on the sale and exchange of cryptocurrencies. According to the regulation of 11 July 2018, the civil law transactions tax will not be charged for almost a year. The exemption is, however, only temporary. According to the announcements of the Ministry of Finance, the work is still underway as regards the complex solutions that will normalize the entire cryptocurrency market also in the tax context. The new regulation is a step towards the standardization of the legal and tax situation of the cryptocurrencies market in Poland, but at the same time, it may put in a disadvantageous situation those taxpayers who carried out the transactions of sale and exchange of cryptocurrencies before the entry into force of the new regulation. The regulation came into force on July 13, 2018.

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KG Legal joins IIPLA (International Intellectual Property Law Association)

 Attorney Małgorzata Kiełtyka of KG Legal Kiełtyka Gładkowski was admitted to the International Intellectual Property Law Association based in San Jose, California. It is a global association bringing together the best lawyers dealing with intellectual property rights. It organizes international events, promotes education related to intellectual property rights, coordinates cooperation among the members of the association, providing them with the opportunity to exchange information.

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The EU and Japan sign an Economic Partnership Agreement and a Strategic Partnership Agreement (17 July 2018)

On July 17, 2018 there will take place the summit between Japan and the EU. The main idea of the meeting is to confirm the support for the international order based on law as well as the agreement on free trade. There will be signed economic partnership agreements as well as a strategic partnership agreement. At present, the EU companies have to pay a number of duties amounting up to EUR 1 billion a year, which will be lifted after the agreements are signed. Also numerous legal regulations complicating trade exchange will be removed. The concluded contracts are very ambitious and comprehensive. They will create new opportunities for agricultural exports from the EU. They will also allow the development of intellectual property rights relating to exported goods, protecting goods on Japanese markets. They comply with the strict requirements set by labour law and the security of personal data. Trade negotiations with Japan have been ongoing since March 2013. At the summit on 6 July 2017, both parties reached a major agreement on the most important elements of the free trade agreement, known as the Economic Partnership Agreement. Negotiations on all other aspects were completed in December 2017. Negotiations with regard to investment protection standards and dispute settlement regarding investment protection will continue to be conducted with Japan. Both parties are determined to negotiate investment protection as soon as possible to conclude an agreement. Additionally, the Strategic Partnership Agreement will strengthen cooperation in the field of international peace and security, cybercrime, energy security, and mitigation of climate change.

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Boutique Commercial Mediation Law Firm of the Year in Poland – 2018

Attorney law firm has been awarded the Boutique Commercial Mediation Law Firm of the Year in Poland – 2018. This is a distinction awarded by the organization Global Law Experts.

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Amendment of economic law in Poland – A few practical remarks about the “Business Constitution” package.

The Business Constitution is a package of 5 acts that comes into force on 30 April 2018 and at the same time repeals the Act from 2004 on the freedom of business activity. Its aim is to reform and simplify the regulations on conducting business. The most important of the acts is the Law of entrepreneurs, which will determine the most important rights of the entrepreneur and the rules of conducting business. Although the amendment covers a great part of economic law, most of the existing regulations remain in force, only their transfer from derogated to newly introduced legal acts has taken place.

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