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From 1st January 2013 there will be new financial instrument: a loan secured by VAT refund.


Below we present an excerpt from Michał Galejczuk’s, a partner in Polish Advisory Group, comment which was published on 4 December 2012 in “Dziennik Gazeta Prawna”, concerning planned changes in VAT regulations.

Michał Galejczuk reminds that at the stage of submission of VAT returns it is not assured whether taxpayer receives a refund in the declared amount. The tax office can refuse to refund or refund less than the amount resulting from the VAT return.

- Sometimes, the VAT is refunded within the statutory period, and then the tax authorities initiate the tax control and questions the amount of refund – emphasises Michał Galejczuk. In his opinion, the assessment of creditworthiness in case of such loans may be difficult since banks do not have instruments appropriate to assess the tax risk. – As a result, their approach to a new way of securing loans will be wary and their offer in this respect will be limited. Alternatively such loans will be much more expensive than standard ones – says Michał Galejczuk.

Tax experts point out that new regulations are unclear and imprecise. There are doubts whether the loan will be secured by a claim for VAT refund or the money transferred by the tax office. There is also no clarity as to whether the refund obtained by bank should be treated as a repayment of a part or whole loan – says Michał Galejczuk, tax advisor, a partner in Polish Advisory Group.



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