NBP reporting - the most important information!

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Many entrepreneurs, including people who do not run a business, are not aware that they are obliged to submit their reports to the National Bank of Poland within the statutory deadline. The article will answer the questions of what is NBP reporting and who and when should provide information.

NBP reporting - who does it concern?

NBP reporting applies to residents (domestic entities) who conduct international foreign exchange transactions with non-residents (foreign external entities), as well as entrepreneurs who conduct currency exchange operations.

Pursuant to Art. 2 clause 1 point 1 and 2 of the Foreign Exchange Act:
1. The residents are:

  1. natural persons residing in the country and legal persons domiciled in the country, as well as other entities domiciled in the country, with the ability to incur liabilities and acquire rights on their own behalf; branches, representative offices and enterprises established by non-residents in the country are also residents;
  2. Polish diplomatic missions, consular offices and other Polish representations and special missions enjoying diplomatic or consular immunities and privileges.

2. Non-residents are:

  1. natural persons residing abroad and legal persons domiciled abroad, as well as other entities domiciled abroad, with the ability to incur liabilities and acquire rights on their own behalf; branches, representative offices and enterprises established by residents located abroad are also non-residents;
  2. foreign diplomatic missions, consular offices and other foreign missions as well as special missions and international organizations enjoying diplomatic or consular immunities and privileges ”.

What is the motto and foreign exchange trading?

The motto is a foreign receivable that may be treated as a means of payment in international trade. The motto may exist in the form of:

  • bills of exchange;
  • bank remittances;
  • checks;
  • stocks and bonds;
  • international money transfers;
  • as well as in the form of documents or entries in bank accounts abroad.

Art. 2 sec. 1 point 8 of the Foreign Exchange Law:
Foreign exchange values ​​are foreign means of payment as well as foreign exchange gold and foreign exchange platinum”.

The foreign exchange turnover with foreign countries is, however:

  1. entering into a contract or performing any other legal act that causes or may result in making cash settlements between a resident and a non-resident, as well as a transfer of foreign currency values, domestic currency, performance of such contracts or activities between a resident and a non-resident;
  2. conclusion of an agreement or performance of any other legal act causing or likely to result in the transfer of goods or rights between residents, the acquisition of which took place in foreign exchange transactions with abroad, as well as the performance of such contracts;
  3. exporting, transferring and sending foreign currency or foreign currency, as well as importing, transferring and sending them from abroad to the country.

What is NBP reporting?

Residents and entrepreneurs who perform currency exchange activities are required to provide NBP with data on forms, hereinafter referred to as "Report". This is the so-called NBP reporting. All information on NBP reporting can be found in the new Regulation issued on August 9, 2017 by the Minister of Finance on the provision of the National Bank of Poland data necessary for the preparation of the balance of payments and the international investment position.
This regulation specifies:

  1. the manner, scope and deadlines for residents who trade in foreign currencies and entrepreneurs who perform currency exchange services to provide NBP with the necessary data for the preparation of the balance of payments and the international investment position;
  2. the amount of the amounts which, when exceeded, give rise to the reporting obligation towards the NBP;
  3. templates of forms on which data concerning the reporting obligation should be presented.

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Reporting obligation - how to determine and by when should the reporting be fulfilled?

In order to establish the reporting obligation, it is necessary to check whether the sum of assets and liabilities resulting from foreign exchange will not exceed the values ​​specified in the regulation.
Information on the status of assets and liabilities as well as data used to calculate the reporting threshold expressed in foreign currencies in accordance with § 2 sec. 3 of the regulation are converted into zlotys using the average exchange rates of these currencies announced by the National Bank of Poland on the last business day of a given year or quarter. If on that day the rate of a given foreign currency has not been announced by the NBP, the last announced rate of that currency shall apply.
Residents whose total assets and liabilities at the end of the year exceed PLN 300 million are required to submit monthly reports on specific forms up to 20 days after the end of the month. However, when the total value of assets and liabilities does not exceed PLN 300 million, residents submit a report to the NBP within 26 days after the end of the quarter.

Pursuant to § 8 of the Regulation of the Minister of Finance, residents who:

  • at the end of the year or at the end of a given quarter, they did not reach the above-mentioned reporting thresholds (respectively above or below PLN 300 million);
  • they have assets or liabilities related to foreign trade, the total amount of which at the end of the year is at least PLN 3 million

they are also required to submit quarterly reports to the NBP. § 2 point 4 of the Regulation of the Minister of Finance on the transfer to the National Bank of Poland of data necessary for the preparation of the balance of payments and the international investment position:
The absolute value of assets and liabilities is used to calculate the reporting threshold". These reports concern:

  • trade receivables on non-residents and advances paid to non-residents;
  • trade liabilities to non-residents, as well as advances received from them.

Asset reports must be submitted by the 26th day of the month following the end of each quarter. On the other hand, persons who hold at least 10% of votes in the decision making body of an entity based abroad are required to submit annual reports to the National Bank of Poland by May 31 of the following year.

NBP reporting - what is the form of submitting reports?

Reports to the NBP are submitted electronically via the provided reporting portal, the electronic address of which is available in the NBP Public Information Bulletin. In order to log on to the portal, persons who submit reports must obtain a certificate, which is issued free of charge by the National Bank of Poland. As a result, forms can be completed and sent electronically.

Summing up, the NBP reporting applies to residents and domestic entities that run a currency exchange office. Moreover, the obligation to report to the NBP applies both to residents whose assets value exceeds PLN 300 million and residents whose assets value does not exceed a specified value of PLN 300 million. Reports to the NBP should be submitted in appropriate periods determined by the Minister of Finance.