Poland to Exempt Reinvested Profits From Corporate Income Tax

Poland plans to abandon corporate income tax on retained and reinvested profits for companies with annual sales below 50m zloty, Prime Minister Mateusz Morawiecki says at press conference.

• Change, dubbed as “Estonian CIT”, is aimed at boosting private investments; expects country’s investment to accelerate by 2ppt in 2021
• Govt sees 4.35b zloty cost for public finance
• Expects 120,000 new jobs to be created
• Estimates ~200k firms, or 97% of all limited and joint-stock companies registered in Poland, may benefit
• Tax exemption is envisaged for 4 years; entitled companies should have only natural persons as partners and employ at least 3 ...