Newsletter: REal Knowledge about the Polish real estate market 3/2021
Welcome to the third edition of Deloitte REal Knowledge newsletter!
REal Knowledge about the Polish real estate market 3/2021
Welcome to the Deloitte REal Knowledge newsletter. Through this newsletter we would like to give you more information about the Polish real estate market. Topics will vary from tax and legal news, updates to other hot topics from across the Polish real estate sector.
In this edition we will talk about New Polish Deal and its changes and solutions to the tax regulations, including those relating to the real estate market in Poland.
Moreover, we will come back to the topic on withholding tax regime in Poland as the Ministry of Finance has published the bill introducing changes referred to as the "Polish Deal". We will also zoom in on real estate-rich company clause in the Double Tax Treaty between Poland and the Netherlands.
We will also provide more information on obligation of owners and managers related to a declaration on the source of heat and fuel combustion in residential and non-residential buildings with a capacity not exceeding 1 MW. Furthermore, we will describe the act on protection of the rights of the purchaser of a residential premises or a single-family house.
Finally, we encourage you to discover our latest reports – Property Index 2021 and Global Powers of Construction.
We wish you happy reading!
New Polish Deal
The Polish Deal, along with the tax reform program announced by the government, which is expected to come into force as of 1 January 2022, will introduce several changes and new solutions to the tax regulations, including those relating to the real estate market in Poland.
WHT regime in Poland – changes announced for 2022
Almost three years have passed since tax consultations on the guidelines relating to new WHT rules started. Judging from the continuous postponement of the regulations as well as the guidelines - still at the draft stage - it was hard not to wonder – quo vadis? But maybe we no longer have to wait for the answer, because the end of July saw the publication of a bill introducing changes referred to as the "Polish Deal".
Real estate rich company clause in the Double Tax Treaty between Poland and the Netherlands
On 29 October 2020 the Protocol to the Double Tax Treaty between Poland and the Netherlands was signed. It introduces, among others, the so-called real estate clause. However, for the Protocol to enter into force, first its ratification procedure must be completed in Poland and the Netherlands, followed by the mutual notification of the completion of ratification. The Protocol will enter into force on the last day of the third month following the month in which the last of the notifications is received by both countries, and will apply as from 1 January of the year following its effective date.
New obligation of owners and managers of residential and non-residential properties
The amendment to the Act of 21 November 2008 on supporting thermo-modernization and renovations and on the Central Register of Building Emissions introduced a new obligation in the form of filing a declaration on the source or sources of heat and fuel combustion in residential and non-residential buildings with a capacity not exceeding 1 MW. The obligation should be obeyed by the owner or manager of the building or premises.
The Act on protection of the rights of the purchaser of a residential premises or a single-family house
On 1 July 2022, an amendment to the Act on the Protection of the Rights of the Purchaser of a Residential Premises or Single-Family House came into force. According to its justification, the amendment will result in the points described in our article.
REAL ESTATE & CONSTRUCTION ADVISORY
Property Index 2021 - How Europeans live and what it costs them
Real estate advisory
This study contains comprehensive information on selected European residential markets – how Europeans live and what it costs them.
Global Powers of Construction 2020
Explore the key strategies, drivers, and current economic situation of the construction industry globally
The report ranks the top 100 global construction companies based on sales, and the top 30 companies based on market capitalization. Like previous years, the report analyzes the current macroeconomic outlook of the construction sector and forecasts its growth across major markets. This year’s report also includes a section analyzing several trends that have been shaping construction over the last few years or are expected to have a great impact in the near future, taking into account the new post-pandemic priorities.