Managing a company involves many aspects and processes carried out within the organization, including the need to monitor numerous deadlines - therefore, it is quite possible to overlook certain obligations. Many entrepreneurs are not aware that reporting obligations to the National Bank of Poland (NBP) may also apply to their business - until the matter starts to be of interest to the tax office. What to do if the report was not submitted on time?

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Key element - good action plan

Reporting obligations to NBP may arise, for example, when conducting cross-border trade transactions, receiving loans from a foreign shareholder, capital investments, or opening a bank account outside Poland (more details on our blog [1]).

If the reporting obligation to NBP was overlooked – the appropriate approach is to submit overdue reports without delay and handle the topic for the future. However, it is worth taking care of a good action plan to not miss necessary steps and properly secure the business. Such a plan should include at least:

  1. verification whether the company indeed was or is subject to the reporting obligation, and if so - when the reporting thresholds were exceeded?
  2. what reports should be submitted and for what periods?
  3. whether the company has the required data or how to streamline the process of obtaining it?

Before contacting NBP and applying for the registration on the reporting platform, it is also worth preparing and submitting a voluntary disclosure, in which it is necessary to indicate the circumstances of the untimely submission of reports/failure to meet the statutory reporting requirements. Voluntary disclosure will allow to avoid a financial penalty for non-compliance, provided that along with its submission, overdue obligations are fulfilled and required reports are submitted.

Recovery plan for the future

After filling in the gaps, it is worth reviewing the company’s processes and implementing internal control actions that will help secure the organization against untimely fulfillment of obligations in the future. As part of such recovery actions, it is worth reviewing:

  • processes to identify those that generate / may generate reporting obligations (e.g. new contracts, loans, investments)
  • existing procedures in terms of their effectiveness and completeness for the company’s processes - it is worth considering and implementing an internal checklist or compliance procedure (in this context, it is also worth considering new obligations arising from National e-Invoicing system, CBAM, EUDR, ESG etc.)
  • responsibilities assigned to specific individuals or teams and making necessary revisions (it is worth implementing a written internal procedure that will protect company’s representatives from criminal and fiscal liability).

Worth reading:

[1] Reporting obligations to NBP - who do they apply to and when?

[2] Is it really worth the trouble? VAT due diligence in Poland