Polish government lays groundwork for more growth with big tax cuts
9th June 2006
The Polish property market is likely to be one of the beneficiaries of new tax cuts in Poland - the key ones to kick in in 2008.
Taxes in the country are currently high compared to many other central and eastern European states, and this has undoubtedly had an effect on depressing consumer spending and the willingness to borrow.
But, now the government seems determined to drive taxation down to levels more associated with the simplified systems in place in the CEE countries - simple and relatively low!
The government has approved six bills that will chop taxes, provide tax breaks for families and lead to more cuts in personal and corporate taxes.
For now, personal income tax rates will stay the same, ranging from 19%, to 30% and up to 40%, although the thresholds for each category have been raised. Poles will move into the 30% tax bracket when their income exceeds PLN 43,405 (£7,750) (from PLN 37,024 presently). The 40% tax bracket kicks in after earnings of PLN 85,528 ( £15,272) (up from PLN 74,048 now).
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