Tax cuts to disturb insurance companies

APA - Austria Presse Agentur
opublikowano: 13-02-2006, 15:16

Warsaw (Puls Biznesu) – Withdrawing the stock income and heritage taxes may decrease insurers’ income by PLN 2 billion (EUR 0.5 billion).

Warsaw (Puls Biznesu) – Withdrawing the stock income and heritage taxes may decrease insurers’ income by PLN 2 billion (EUR 0.5 billion).

The government has recently mentioned that it plans to cut the number of taxes. Taxes paid from profits generated via the stock exchange, heritages and donations are to be reduced. If the plans are implemented, insurance companies may be the ones who lose.

“These taxes are arguments for insurers when they sell their polices. The loss of these arguments may adversely affect the market”, Boguslaw Sosnowski, Finlife live insurance company CEO said.

His company has withdrawn the so called anti-tax polices, including short-term life insurance.

The loss would be substantial.

“The premium is estimated at PLN 2 billion annually. Companies which focus in anti-tax polices would have to be prepared to lose their market shares. But I don’t expect their profitability to suffer”, Krzysztof Rosinski, PZU Zycie deputy CEO said.

Finlife, Nordea Zycie, MetLife, Europa Zycie and Gerling Zycie have many anti-tax policies.

Experts approve of the government plans, however.

“The society will take advantage, insurers will be forced to launch new products and to fight stronger for their clients”, Ireneusz Jablonski, the expert of Centrum im. A. Smitha think tank commented.

(PLN 1 = EUR 0.264)

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Podpis: APA - Austria Presse Agentur

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