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Poland Drops 1 Percent Levy on Cryptocurrency Sales Following Furor

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WARSAW: The sale and conversion of cryptocurrency aren’t subject to a 1 percent civil law levy, but personal income tax will continue to apply, Polish Deputy Finance Minister Pawel Gruza said at a news briefing on April 20. He spoke following a meeting with representatives of cryptocurrency traders and investors. His comments come more than two weeks after the Polish ... Read More »

Poland sees fiscal deficit rising to 2.1 pct of GDP in 2018

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WARSAW: Poland expects its 2018 fiscal deficit to rise to 2.1 percent of gross domestic product (GDP) from 1.5 percent last year and then fall to 1.5 percent in 2019, Dziennik Gazeta Prawna (DGP) daily said citing Poland’s annual update of the convergence plan. The plan, which Poland submits to the European Commission, also assumes economic growth will fall to ... Read More »

Poland to amend minimum tax on commercial property

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WARSAW: Poland has announced amendments to the minimum tax on commercial property, which are designed to align the measure with European Union state aid rules and reduce opportunities for tax avoidance. Introduced on January 1, 2018, the minimum tax applies to income from ownership of certain high-value fixed assets at a rate of 0.035 percent per month of the initial ... Read More »

Polish PM signals budget can cope with cut in corporate tax

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WARSAW:  Poland’s planned cut in income tax for smaller companies will cost up to 600 million zlotys ($180 million) per year, Prime Minister Mateusz Morawiecki said on Monday, suggesting that it would have little impact on the budget. The ruling Law and Justice (PiS) party, which is gearing up for a series of elections, on Saturday promised a reduction in ... Read More »

Gov’t working on new economic model for Poland

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WARSAW: Poland has found itself by developing a new economic model,” Mateusz Morawiecki said, referring to “a demographic trap, the pitfalls of institutional weakness and the middle income trap.” “One of the elements of this model is a policy of sustainable development,” he added. Speaking at a meeting with residents in the southern city of Kraków, Morawiecki also said that ... Read More »

Polish investors are protesting unfair taxations on incomes and profits

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WARSAW: Polish cryptocurrency investors have decided to protest the government’s decision to tax all crypto transactions even those that do not make profits. The crypto community has launched an online petition against the finance ministry, and the petition is gaining support day by day. The taxes imposed on cryptocurrency is as high as 32%, and all purchases and sale will ... Read More »

Polish tax policy worries currency traders

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WARSAW: In Poland, the deadline to file annual tax returns is April 30, 2018. This year, Polish authorities have notified taxpayers that they must file taxes on any cryptocurrency trading and gains. “In connection with the obligation to file a tax return for 2017, we would like to remind you that in PIT [personal income tax] you should also show revenues from the sale ... Read More »

Polish cryptocurrency traders protest government decision to tax

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WARSAW: The finance ministry of Poland last week published an interpretation of the country’s tax code. They state that income from crypto trades is subject to income tax rules and it falls under two tax brackets that of 18 percent and the other of 32 percent. What’s more painful is that the polish cryptocurrency traders will be taxed a mandatory ... Read More »

Push for parliamentary probe into VAT fraud in Poland

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WARSAW: The ruling conservative Law and Justice (PiS) party has submitted a formal bill to this effect to the lower house of parliament, the PAP news agency reported on Friday, citing a tweet by a ruling party MP. Under the bill, a special parliamentary commission would be set up to investigate the suspected irregularities, PAP reported, quoting MP Marcin Horała. ... Read More »

Poland’s fiscal deficit falls to lowest level on record

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WARSAW: Poland’s fiscal deficit shrank last year to its lowest since comparable data begun to be collected in 1995, data showed on Tuesday, helped by robust economic growth, measures to tackle tax evasion and record low unemployment. The improvement, which took place despite a significant increase in social spending under the right-wing government compared with 2015, could result in upgrades ... Read More »

Poland makes headway on new EU recycling targets

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WARSAW: The debate   was organised by EURACTIV Poland and the European Parliament Information Office in Poland. On 23 January, EU ambassadors endorsed the provisional December agreement on the waste legislation package, which was then also supported by the European Parliament’s Environment Committee in February. EU member states agreed that in order to reuse and recycle municipal waste, 55% of the ... Read More »

Business matching mission in textile to Poland March 25-29

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WARSAW: A prospection and business matching mission in the textile and clothing sector to Poland is organized by the Export Promotion Centre (CEPEX) on March 25-29 in Poland, in collaboration with the Tunisian Embassy in Warsaw. CEPEX said seven Tunisian companies specializing in the sectors of jeans, ready-made clothes and beachwear are taking part in this mission to explore the ... Read More »

Moody’s ups Polish GDP growth forecast

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WARSAW: In a September projection, the agency had forecast that the Polish economy would grow 3.5 percent in 2018. Moody’s revised downwards its projection for Poland’s general government deficit this year to 1.8 percent of GDP. It also lowered its 2018 public debt forecast for Poland to 51.6 percent of GDP. Moody’s said its GDP forecast was based on the ... Read More »

Poland says cost pressures ease as expansion continues

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WARSAW: Lower cheese prices and staff being easier to recruit compared to the last quarter had reduced pressure on margins, said Peter Shaw, chief executive. Poland’s economy also remained strong, with consumer demand healthy. The company, which operates the master franchise for the US pizza group Domino’s in Poland, posted a 25% rise in sales to 50mln PLN (£10.4mln) in ... Read More »

Polish central banker says next rate move might be a cut

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WARSAW:  The Polish central bank’s next move in interest rates might be a cut, central banker Jerzy Zyzynski said, adding there was currently no reason to change the level of interest rates.  Zyzynski’s comments reflect the stance of central bank Governor Adam Glapinski and support expectations that interest rates in Poland will remain unchanged in the coming quarters. Glapinski said ... Read More »

Bitter pill for Polish medicine smugglers

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WARSAW: Poland’s right-wing government on Wednesday said it would go after smugglers whose illegal medicine exports to countries like Germany have left Poland with a shortage of pharmaceutical products. “We’re talking about a real pharmaceutical mafia operating here in Poland,” Justice Minister Zbigniew Ziobro told reporters, estimating the annual value of illegal pharmaceutical exports at 500 million euros ($615 million). ... Read More »

Poland’s cooperate with Pakistani gas firm on upstream projects

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WARSAW: Poland’s leading gas company, PGNiG, has agreed with Pakistan’s Mari Petroleum Company to cooperate on upstream projects, PGNiG said on Monday. “This is another step in the development of PGNiG’s operations in Pakistan, where we want to extract more and more natural gas,” PGNiG Chief Executive Piotr Wozniak said in a statement. State-run PGNiG imports from Russia’s Gazprom most ... Read More »

Polish utilities look to raise thermal coal imports

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WARSAW: Polish power utilities are looking to import more seaborne thermal coal due to weaker levels of domestic production, according to market sources. Traders said there is a desire to procure high sulfur US Northern Appalachian (NAPP) coal, which is blended with domestic lignite, but US coal is not currently pricing into Europe. US NAPP coal is currently being offered ... Read More »

Fitch ups GDP forecast for Poland

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WARSAW: In December, Fitch forecast that the country’s economy would grow 3.6 percent in 2018. The European Commission said in a report published last week that it expected Poland’s real GDP to grow by 4.2 percent in 2018 and 3.6 percent in 2019. Those rates would be among the highest in the EU. The Polish economy grew 5.1 percent in the final quarter ... Read More »

Polish regulator sets new gas tariff for PGNiG household customers

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WARSAW:  Poland’s energy market regulator has increased gas prices for PGNiG retail clients by 1 percent but cuts in distribution tariffs earlier this year mean households will pay less overall for supplies.  Regulator URE continues to control gas tariffs for households after it freed the market in October for industrial clients to whom state-run PGNiG sells most of its gas. ... Read More »