Polish FinMin says firms will gain EUR 2.4 bln for innovation
New government taxation and capital market initiatives will release an additional PLN 10 billion for business innovation and investment, Finance Minister Andrzej Domanski has said.
Domanski made the announcement at a Monday conference at the Warsaw Stock Exchange devoted to the government's latest economic plans and also attended by Prime Minister Donald Tusk.
The finance minister said the government was planning reforms that would make Poland "an attractive location for investors and businesses."
Among the new solutions, Domanski named higher annual contribution limits to the private individual retirement account (IKZE) and the introduction of new financial instruments, including exchange traded funds (ETFs).
He also said the current auto-enrolment mechanism used for the employee- and employer-funded pension scheme PPK would be streamlined "so that more people would be able to join the programme."
A reduction of the capital gains tax is also on the agenda, according to Domanski.
"Just these activities will allow for the mobilisation of an additional PLN 10 billion in new funds for innovation and investment, and it's only the beginning," he said, adding that "the capital market must become a foundation for long-term financing of the Polish economy and the development of businesses."
Domanski also said the government would set up an investment platform, Innovate.pl, for institutional investors and companies to open up new possibilities for financing long-term innovation and high-risk projects.
At the same time, the minister pledged to reduce red tape for entrepreneurs.
"That's why we're reviewing reporting obligations and eliminating those which are duplicative or redundant," he said. (PAP)
jd/jch
