Poland: Proposed Changes to Financial Information Exchange Laws to Comply with EU Directive
The Polish Senate is currently reviewing Bill No. 97, which seeks to amend the law on the automatic exchange of information (AEOI) on financial accounts to align with EU Directive 2021/514 (DAC7).
Key Proposals in the Bill:
- Data Protection Violations: Reporting financial institutions and platform operators must report any data protection violations concerning the personal data collected for AEOI purposes.
- Definition of Excluded Sellers: Sellers of goods who conducted fewer than 30 transactions in a year and earned less than 2,000 euros (US$2,174) in total remuneration, excluding premiums, commissions, and fees, will not be obligated to report annually.
- Annual Reporting Requirements: Digital platform operators will be required to gather and report information about sellers who conducted transactions on their platforms during the previous year by January 31, provided they are identified as reportable sellers.
- Procedural Establishment: The bill establishes procedures for AEOI, reporting, due diligence, and platform operator registration.
- Information Transparency: These institutions and operators are required to inform individuals about the collection and processing of their data and their right to obtain information from the data controller.
In Other Polish News:
The Polish Government has announced that the zero VAT rate for basic food products will end on 1 April 2024. Starting from this date, these products will be subject to a 5% VAT rate. The affected items include essential foodstuffs such as fruits, vegetables, meat, dairy products, and cereal products. This change follows several postponements of the zero VAT rate, which was initially implemented as an extraordinary measure to combat inflation.
