Poland plans to exempt small firms reinvesting profits from tax

2020-06-17 13:07 update: 2020-06-22, 10:09
Photo PAP/Piotr Nowak
Photo PAP/Piotr Nowak
The Polish government has decided to seek the exemption of companies with turnover of up to PLN 50 mln (EUR 11.23 mln) from the corporate income tax (CIT) as long as they retain their profits, PM Mateusz Morawiecki announced on Wednesday.

The prime minister expressed hope that the new rules will come into force in about six months' time and said that some 97 percent of Polish companies may benefit from the solution that is modelled on an Estonian idea.

"Every entrepreneur who chooses investment, development, a Polish or a foreign entrepreneur who decides to run their business in Poland, will have ideal conditions for development. It's going to be a true business incubator for the whole of Poland," Morawiecki said.

The new solution will cost the Polish budget some PLN 5 bln (EUR 1.12 bln), according to the prime minister. (PAP)

jd/ mf/

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