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Polish PM signals budget can cope with cut in corporate tax

Polish PM signals budget can cope with cut in corporate tax

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 corporate income tax for small and medium-sized companies and higher spending on child benefits and infrastructure.

Morawiecki told Polsat News television that the cost of the planned reduction in corporate income tax to 9 percent from 15 percent may come to 500 to 600 million zlotys.

He said the cost of the planned payment of 300 zlotys ($90) a year for parents of school-age children would cost about 1.4 billion zlotys, while a reduction in social security payments for self-employed would cost about 500 million zlotys per year.

“We have calculated very precisely all proposals that we present to the people,” Morawiecki said, responding to criticism that additional spending could destabilize the budget.