Thursday, Jun 18, 2020. 22:08

Polish PM promises tax help for business

Photo by Kamila Koziol/Shutterstock.com

A scheme to remove corporate income tax from many small- and medium-sized enterprises will cost Poland almost PLN 5 billion (EUR 1.12 bln) in its first phase, Prime Minister Mateusz Morawiecki has said, according to news agencies such as the Polish Press Agency (PAP) and Reuters.

Polish Prime Minister Mateusz Morawiecki. Photo by Kamila Koziol/Shutterstock.com

Poland is set to introduce the so-called Estonian corporate income tax system, named after its country of origin, in 2021. This will mean that companies with annual revenue of less than PLN 50 million will be exempt from corporate income tax if profits are retained, Morawiecki was quoted as saying on June 17, adding that 97% of Polish companies fall into this bracket.

Morawiecki said he hoped the new rules would come into force in around half a year. The move was announced on the heels of a swathe of measures launched by the government to help businesses and save jobs amid a COVID-19 epidemic.

President Andrzej Duda at the end of March signed into effect a multibillion relief and stimulus package aiming to shore up the economy and shield it from the impact of the coronavirus, the news agencies noted.

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