CIT series: how to get ready for CIT settlement?

March 16, 2023

“CIT series” is a series of posts that help to get ready for CIT settlement. The first months of the year are the time when CIT taxpayers prepare for the final calculation of income tax for the previous year and for submitting the annual tax return. In order to facilitate this process and make it as effective as possible, we have prepared a “cheat sheet” on the most important issues.

Division of revenues on the basis of CIT

Starting from 2018 CIT taxpayers are obliged to assign their revenues to two sources: revenues from capital gains and other revenues. This classification is also reflected in the annual CIT-8 return. This division is crucial because a similar classification should be made on the basis of tax costs. Importantly, tax deductible costs may be deducted only from the revenues from the source for which these costs were incurred.

Revenues from capital gains are  included in Art. 7b sec. 1 of UoCIT and consist of six categories:

  1. revenues from participation in the profits of legal persons – such as: dividends, income from redemption of shares, interest on participating loans
  2. revenues generated in connection with the in-kind contribution,
  3. revenues arising from the exercise of share rights,
  4. revenues from the sale of all rights and obligations in a company that is not a legal person,
  5. revenues from the sale of receivables,
  6. other revenues – e.g. income from securities and financial derivatives

All other tax revenues not included in the above list should be assigned to the category “other revenues”.

More posts from the “CIT series” that will help you prepare for the corporate income tax settlement:

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