1 July 2018 is the day on which new amendments to the Polish VAT Act came into force. One of the changes enacted by the Polish legislature was the introduction of the split payment schema.
The mechanism of the schema consists in the requirement to split the payment for the received invoice between two bank accounts:
- the net value – into the vendor’s bank account
- the VAT – into the vendor’s reserved VAT bank account.
The bulk of the burden of implementing the split payment mechanism was carried by banking institutions, which set up VAT accounts for businesses and adjusted bank transfer templates to meet statutory requirements.
Adjustments also need to be made to the accounting systems used by businesses. The INLOGICA team have developed a Split Payment module designed for Microsoft Dynamics AX and 365 users.
INLOGICA offers a comprehensive programming and consultancy service which is covered by the scope of an implementation agreement concerning the Split Payment functionality.
Thanks to the Split Payment functionality, the user can mark counterparties whose payments must be included in the split payment schema. The system then uses these markings to generate payment proposals and identify invoices which ought to be paid in accordance with that mechanism. The data necessary to execute split payments is transmitted from the Microsoft Dynamics AX system into the electronic banking system. It is subsequently used by the bank to effect the requested money transfers.