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Presidential veto for construction materials VAT rejected

APA - Austria Presse Agentur
opublikowano: 30-08-2005, 09:27

Warsaw (Puls Biznesu) – Yesterday, 388 MPs of Sejm, the lower chamber of the Polish Parliament, voted against the presidential veto to implement tax deductions for construction materials (this possibility has been withdrawn on May 1st 2004, the day of Poland’s EU entrance). Only 3 MPs withheld from voting, no one voted against.

Warsaw (Puls Biznesu) – Yesterday, 388 MPs of Sejm, the lower chamber of the Polish Parliament, voted against the presidential veto to implement tax deductions for construction materials (this possibility has been withdrawn on May 1st 2004, the day of Poland’s EU entrance). Only 3 MPs withheld from voting, no one voted against. President Aleksander Kwasniewski has to sign the law within seven days. The amended VAT law comes into force on January 1st 2006.

Economists say that Sejm’s decision will adversely affect the economy. “Budget deficit will rise or taxes in other sectors will grow”, Maciej Reluga, BZ WBK chief economist said. The Minister of Finance had warned before that if the Presidential veto was overcome, the fuel excise could be raised by PLN 0.25 (EUR 0.06) a litre. The ministry expects to lose PLN 4.5-18 billion because of changes in VAT law. The problem is that there are no certain estimates concerning the losses. “These are hypothetical estimates. We assume that 10m people want to have their VAT received. It’s impossible to give detailed estimates”, Jaroslaw Neneman, deputy Minister of Finance admitted. “The minister is not reliable. He gave false data to the public and to the President”, Janusz Piechocinski, PSL MP claimed. A document has been published dated January 27th 2004, in which the losses connected with VAT returns were estimated at PLN 385m.

(PLN 1 = EUR 0.246)Poland/Economy/Taxes

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Podpis: APA - Austria Presse Agentur

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