Parliament approves of business friendly bills

MAG
27-10-2008, 14:21

Warsaw (Puls Biznesu) – The Parliament limits the power of fiscal authorities, lowers capitals for companies and allows for settlement in a chosen currency.

Yesterday, members of parliament unanimously approved of tax and labor code changes favorable for entrepreneurs (in addition, several days ago, the parliament approved of changes in VAT).

“More liberal law will reduce costs of founding and running companies. This may be a way to oppose economic slowdown in Poland”, Malgorzata Krzysztoszek from PKPP Lewiatan commented.

The parliament agreed for changes proposed by the government to reduce capital necessary to launch a limited liability company to PLN 5,000 (EUR 1,305), down from 50,000. In case of joint stock companies, the capital was lowered to PLN 100,000, down from PLN 500,000.

“For years, we have been trying to make governments lower these amounts. We have finally done it”, Malgorzata Krzysztoszek says.

Moreover, Polish companies will no longer have to settle in zloty. They will be able to do this in any chosen currency, including euro. According to deputy Prime Minister Waldemar Pawlak, this will reduce the forex risk.

Out of 411 MPs who took part in the voting, no one opposed the government amendment in tax law. The most important change says that decisions of tax authorities are not valid if a company appeals until the court makes final decision. In the past, several companies went bankrupt because of the law, including JTT Computer or Optimus.

(PLN 1 = EUR 0.261)

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Puls Inwestora / Parliament approves of business friendly bills