Publication date: August 11, 2025
VAT crimes
The term “carousel fraud” refers to a characteristic scheme in which goods, after passing through a series of related entities, ultimately end up back at the original supplier. This mechanism allows perpetrators to conceal the actual transaction and generate undue tax benefits, most often by fraudulently obtaining VAT refunds or avoiding their payment. A key feature of VAT is its neutrality, so it should not impose an additional burden on taxpayers who do not consume the purchased goods or services but use them for business purposes. However, the structure of this tax makes it particularly vulnerable to abuse. In accordance with the principle of the free movement of goods, the supply of goods between European Union (EU) countries is subject to a 0% VAT rate. VAT carousels involve the use of complex transaction mechanisms embedded in the value added tax structure to avoid paying output tax or to unlawfully obtain a refund. These activities take the form of fictitious economic transactions, which involve the apparent movement of goods between entities located in different Member States. This can be very high, especially with relatively small financial outlays by the fraudsters, as the fraud involves goods that are repeatedly exported and returned to Poland.
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KIELTYKA GLADKOWSKI takes part in the event organised jointly by the Observer and Coindesk devoted to DeFi Dozen, taking place on March 29.
The speakers will present and discuss the most trendy DeFi companies of 2022.
The speakers will include James Ledbetter, Executive Editor, Observer; Lisa Carmen Wang, Founder, Bad Bitch Empire and advisor to crypto CEOs; Joe Lautzenhiser, Editorial Researcher and Strategist, CoinDesk.
The event is a great opportunity for KIELTYKA GLADKOWSKI to get the insight into most trendy DeFi companies in the market, since decentralised finance remains crucial specialisation for our law firm, with a particular focus on cryptocurrency exchanges, OTC desks and wallet-providers, DeFi traders and Dapp developers, NFT platforms, issuers, and investors, digital asset platforms, institutional investors and publicly traded companies; cryptocurrency hedge fund managers and investors, metaverse businesses, brands, and users.
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On November 17, 2021, Pracuj.pl group, a leader in the digital recruitment market, operating in Poland, offering services to support the recruitment, retention and development of employees has published a prospectus with a view to conducting an initial public offering of the Company’s shares and their admission to trading on the main market of the Warsaw Stock Exchange. The offer covered up to 22,380,626 existing shares with each share having a nominal value of PLN 5 – representing 32.86% of the share capital. The maximum price has been set at PLN 82 per share.
Book building
Before the sale of shares takes place, the company conducts book-building, which is a key process in determining the share issue price. The book of demand thus involves the collection of non-binding information from potential institutional investors on their interest in acquiring the securities in question. The key stage affecting book building is the acceptance of subscriptions from potential investors, and on the basis of the interest in the offer the company determines the issue price and the final number of shares.
Subscription for shares
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On August 24, 2018, the Polish Ministry of Finance published a draft act amending the act on personal income tax, the act on corporate income tax. One of the proposed changes was the introduction of preferential taxation of income from intellectual property rights (the so-called “IP Box” or “Innovation Box” relief).
Innovation Box – IP Box allowances – were introduced to the Polish Personal Income Tax Act (“PIT”) and to the corporate income tax (“CIT”) as a preferential form of taxation (preferential taxation of earned income) for entrepreneurs obtaining income from commercialization of intellectual property rights. Qualified intellectual property rights are obtained after submitting an application to the appropriate body – then it is possible to take advantage of this relief.
IP Box has been implemented in other countries, including: the Netherlands, Great Britain, Ireland, Luxembourg.
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The EU has provided EUR 450 million (USD 503 million) for weapons, including air defence systems, anti-tank weapons, ammunition and other military equipment for the Ukrainian Armed Forces. A further EUR 50 million will be provided for fuel, bulletproof vests, helmets and first aid kits.
Since the EU Treaties do not allow the use of the EU budget for military purposes, the Community is introducing an instrument called the “European Peace Fund”, which allows the provision of military aid of up to EUR 5 billion.
The United States is also increasing its supplies and is providing an additional USD 350 million (EUR 313 million) in military aid, including Javelin anti-tank missiles, Stinger anti-aircraft missiles, small arms and ammunition.
FIGHTING JETS
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