Newsletter No. 5 | 2023

Beneficial owner – draft clarifications from Ministry of Finance

Successive amendments to income tax legislation have placed increasing emphasis on the need to verify that the counterparty is the ultimate beneficial owner. However, the legal complexities make complying with this obligation extremely difficult for many businesses. The amendments include a number of key indicators to determine whether an entity is acting as an intermediary.

Whistleblowers in an Organisation – difficulties employers will have to face

Although we still do not have a full final version of the Polish Whistleblower Protection Act, we can already anticipate some of the difficulties employers might face in meeting the requirements imposed by the new legislation.

Responsibilities of a registered proxy

According to the Polish Civil Code and the Commercial Companies Code, a registered proxy (prokurent) is a person who has been given the authority to perform legal acts in the name of and on behalf of another entity, such as a business entity or company, in the conduct of business. The function of a registered proxy is to represent the company and undertake various legal actions.