Poland Cabinet Approves Draft Budget 2023

The Polish Council of Ministers Aug. 30 approved the 2023 draft budget. The draft budget includes measures that would: 1) reduce the individual income tax (PIT) rate to 12 percent from 17 percent; 2) provide a higher tax-free amount up to 30,000 Polish zloty (US$6,340); 3) raise the threshold for the second tax bracket to 120,000 zloty (US$25,358); 4) reduce the VAT rate to zero percent from 5 percent on basic food products; 5) reduce the VAT rate to zero percent from 23 percent for natural gas; 6) reduce the VAT rate to 5 percent from 23 percent for electricity ...