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I UNDERSTAND
English Section

Poland to exempt more firms from CIT: PM

29.09.2020 07:45
Despite an economic slowdown amid the global pandemic, Poland will exempt more companies from corporate income tax beginning next year if they decide to reinvest their profits, the country’s prime minister has said.
Polish Prime Minister Mateusz Morawiecki speaks at a news conference in Warsaw on Monday, Sept. 28, 2020.
Polish Prime Minister Mateusz Morawiecki speaks at a news conference in Warsaw on Monday, Sept. 28, 2020.Photo: PAP/Radek Pietruszka

Speaking to reporters in Warsaw on Monday, Mateusz Morawiecki said his government would raise the threshold for the so-called Estonian corporate income tax system to cover companies with annual sales of up to PLN 100 million (EUR 22 million, USD 25 million).

Under initial plans, companies with sales of less than PLN 50 million were expected to be exempt from CIT if they retained and reinvested their profits instead of paying out dividends.

Morawiecki said on Monday that the planned expansion of eligibility would contribute to the creation of "tens of thousands of new jobs in technologically advanced sectors.”

The country is set to introduce the new CIT rules in January.

Poland at the start of last year cut corporate income tax for small and medium-sized enterprises (SMEs) from 15 to 9 percent.

(gs/pk)

Source: IAR, PAP, TVP Info