Dear readers,
Please note that starting January 1, 2026, the updated Tax Code will come into force, providing for a reduction in the range of VAT-exempt transactions.
Article 476. Transactions related to land and residential buildings
The sale of residential buildings (or parts thereof) will be exempt from VAT only if their construction was started and/or completed before January 1, 2026.
This exemption applies exclusively to property developers.
Article 477. Transactions involving financial operations
Starting from 2026, certain banking operations will no longer be exempt from VAT, including:
- acceptance of deposits,
- opening and maintaining bank accounts,
- lending, transfer, and cash operations.
The VAT exemption will be retained only for:
- foreign currency exchange operations,
- payment card transactions.
In addition, under the new provisions, transactions involving the sale of digital assets will no longer be exempt from VAT.
Please take these changes into account when planning your business activities for 2026.
The KPMG team is ready to provide advisory services on assessing the impact of the new provisions on your operations, as well as assist with adjustments to business processes and contractual arrangements considering the VAT changes.
For clarifications and personalized recommendations, please feel free to contact us.