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Liquidation inventory

As of the date an entity discontinues its operation, a liquidation inventory is being made separately for the purpose of personal income tax, value added tax; stocktaking by means of physical counting is also being prepared. Stocktaking should comprise:

  • commerial goods
  • materials (row materials) – both basic ones and auxiliary ones
  • semi-products
  • finished products
  • rejected products and wastes
  • equipment
obrazek

Stocktaking through physical counting is indispensable to establish income from business activity for the period from 1st January of a given year (or from the date of the stocktaking through physical counting made during fiscal year) to the liquidation date.

Liquidation inventory for the purposes of income tax is indispensable to establish income tax from the remaining property items of the liquidated firm, which are being transferred into private property of a businessperson.

Liquidation inventory for the purposes of VAT is indispensable to establish VAT on property items intended for satisfying personal needs of a businessperson or intended to be sold within 12 months off the firm liquidation.

Income from the inventory is charged with a lump income tax of 10 percent. Tax from the income from the liquidation of business activity is defined as 10 percent of this income. It is paid in the form of an advance payment for the last month of business activity. A taxpayer is obliged to include liquidation inventory to the declaration. If the liquidation of business activity is being made in December of the fiscal year, the income from the liquidation should be revealed in the tax return.