Tax strategy for 2021 Metal Market Europe sp. featuring.o.
Information on the implemented tax strategy
Information on the implemented tax strategy of Metal Market Europe Sp. featuring.o. for 2021
In connection with the implementation of the obligation under Article. 27c of the Law of February 15, 1992. on corporate income tax (Dz. U. of 2021. pos. 1800 with later. zm.), the following is information about the tax strategy implemented by Metal Market Europe Sp. featuring.o., NIP 7831696976, ul. Wiejska 11/1, 00-480 Warsaw, for fiscal year 2021.
1. Information on the processes and procedures used to manage the performance of tax obligations
- Metal Market Europe Sp. featuring.o. operates in accordance with applicable laws and regulations, including, in particular, those relating to the scope of the Company's operations, guidelines published by tax authorities and internal regulations and policies,
- The company operates under the Law on Foreign Exchange Law, complies with the Law on Personal Data Protection and is subject to the General Inspector of Financial Information. In addition, it holds applicable permits for trading in foreign exchange gold issued by the President of the National Bank of Poland,
- Tax liabilities are calculated in accordance with applicable laws and are paid within the prescribed deadlines.
2.Tax planning
- The Company is committed to ensuring that all business arrangements comply with the law and relevant regulations,
- The Company ensures that the tax strategy is in line with the business strategy and that the tax result reflects the Company's economic situation,
- In making business decisions, the Company takes taxes into account in the same way as any other reasonable costs.
3.Tax risks
- Due to the size of the business, its complexity and the ongoing development of the range of services offered to customers, there may be risks associated with the interpretation of tax law or the way tax obligations are performed,
- In cases of significant uncertainty or complexity with respect to a particular risk, the Company considers seeking advice from external advisors or submitting a request for an individual interpretation to the National Tax Information Service,
- The company manages risks arising in its operations, including tax risks that could threaten its financial and operational condition and reputation.
The tax risk management process involves early identification, analysis and making the right decisions. Tax risk management includes:
- Ensure timely payment of taxes in the correct amount and timely and complete tax reporting,
- Ensure the effectiveness of internal control processes carried out by appropriately qualified and experienced personnel,
- Ensure that transactions are undertaken with due regard to tax implications,
- Ongoing monitoring of developments in tax law and practice,
- Have appropriate processes and IT systems in place to properly meet tax obligations.
4. Ensure proper performance of tax obligations
- The Company understands proper performance of tax obligations as paying the right amount of taxes, in the right place, at the right time, and filing tax returns in a complete and timely manner, as well as ensuring that relevant facts and circumstances are properly disclosed,
- Bookkeeping, payroll and preparation of calculations and tax returns are outsourced to an external accounting firm,
- The External Accounting Office receives the documents and information necessary to make the required settlements, prepare tax returns and fulfill other reporting obligations.
5. Information on the information on tax schemes (MDR) submitted to the Head of the National Administration
The company did not report any information on tax schemes (MDR) in fiscal 2021.
6. Information on the taxpayer's performance of tax obligations
In fiscal 2021, the Company performed tax obligations as follows:
- as a corporate income tax payer
- as a taxpayer of goods and services tax
- as an entity obliged to perform information obligations under the Tax Ordinance and other tax laws
- as a payer of personal income tax
- as a payer of corporate income tax
7. Voluntary forms of cooperation with the authorities of the National Tax Administration
- The company strives to build a good relationship with the National Tax Administration authorities, showing openness and willingness to cooperate, and providing all explanations and required information in a timely manner,
- Any inadvertent mistakes in the information submitted to the tax authorities are identified by the Company as soon as possible and corrected accordingly,
- The Company is not a party to the cooperation agreement referred to in Art. 20s. mouth. 1 Tax Ordinance, (Law of August 29, 1997. Tax Ordinance, Dz. U. of 2021. pos. 1540 with later. zm.).
8. Information on filed applications and information on tax schemes
The Company has not requested a release in fiscal 2021:
- general tax interpretation referred to in Art. 14a § 1 of the Tax Ordinance,
- binding rate information referred to in Art. 42a of the Value Added Tax Law (Law of March 11, 2004. on tax on goods and services, Dz. U. of 2021., pos. 685 with later. zm.),
- An opinion on the application of the withholding tax exemption provided for in the Corporate Income Tax Law,
- Interpretation of tax law provisions referred to in Art. 14b of the Tax Ordinance,
- binding excise information referred to in art. 7d paragraph. 1 of the Law on Excise Tax (Law of December 06, 2008. on excise tax, Dz. U. of 2020., pos. 722, as amended. zm.)
- The collateral opinion referred to in Art. 119 in the Tax Ordinance.
9. Information on transactions with related parties
In fiscal year 2021, the Company did not have any transactions with related parties within the meaning of Art. 11a ust. 1 item 4 of the Corporate Income Tax Act, the value of which exceeded 5% of the total balance sheet assets within the meaning of the accounting regulations, as determined on the basis of the Company's last approved financial statements.
10. Information on restructuring activities
In fiscal 2021, the Company did not plan or undertake restructuring activities that could affect the tax liabilities of the Company or related parties as defined in Art. 11a ust. 1 item 4 of the Corporate Income Tax Law, including:
- restructuring understood as reorganization:
1. involving a significant change in commercial or financial relations, including the termination of existing contracts or a change in their material terms,
2. involving a transfer between related parties of a function, asset or risk category if, as a result of the transfer, the taxpayer's expected average annual earnings before interest and taxes (EBIT) over the three years following the transfer would change by at least 20% of the expected average annual EBIT over the same period, if the transfer did not take place;
- legal restructurings (mergers, divisions, conversions, etc.).)
- organizational restructuring (spin-off of an organized part of the enterprise or part of the enterprise in another form).
11. Information about tax settlements in "tax havens"
In fiscal year 2021, the Company did not make tax settlements in territories or countries practicing harmful tax competition indicated in the executive acts issued pursuant to Article. 11j ust. 2 of the Corporate Income Tax Act (Regulation of the Minister of Finance dated March 28, 2019., OJ. U. of 2019, pos.600).