Polish Ministry of Finance to launch Investor Assistance Center for investors in 2022

by   CIJ News iDesk III
2021-06-15   08:16
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The Polish Ministry of Finance plans to launch an Investor Desk Center next year for strategic foreign and domestic investors (declaring at least PLN 100 million of outlays), which will issue one tax decision for one investment, said Tadeusz Kościński, Minister of Finance, Funds and Regional Policy.

Investor Desk will take care of comprehensive service for strategic clients both from abroad and from Poland - both at the stage of issuing "Interpretation 590" and later, as part of the ongoing service of the company that decided to focus on Poland.

"We must use the pandemic unfreezing of world economies to strengthen foreign investments in our country, precisely through attractive tax conditions. We want the comprehensive and fast investor service to become a showcase of our country. This will be possible thanks to the 'Investor Desk' and 'Interpretation 590' issued for a large investor. "It will be a single window where the investor will be able to determine all tax aspects of the investment. He will not have to apply to various authorities for several types of interpretations and wait for a decision on his case," Kościński said during the press conference.

Kościński indicated that this is another package of solutions in the Polish Ładzie.

"Interpretation 590 will be an agreement between the investor and the minister of finance - it is a departure towards dialogue and cooperation. Thanks to the interpretation by the minister of finance, it will be a final letter that will give the investor - not only the highest protection, but also high prestige - which also cares about foreign investors "- said Jan Sarnowski, Deputy Minister of Finance.

The tax consequences of large investments relate to PIT, CIT, VAT, excise duties, and often also real estate tax or customs duties. Each tax is a separate interpretation, a different authority, emphasized the ministry.

Sarnowski pointed out that interpretation 590 will cover not only an individual interpretation, but also the equivalent of excise rate information, a hedging opinion and a price security, and will be valid for 5 years from the date of issue, it provides for renegotiation.

"The initial fee for examining the application will be PLN 50 thousand, and the main fee - payable after signing the agreement - will be negotiated between PLN 100-500 thousand" - Sarnowski informed

In addition, the Minister of Finance announced new investment incentives aimed at the financial sector - it will be possible to deduct VAT on financial services.

"We will also create attractive conditions for the functioning of holding groups and tax capital groups," Kościński announced.

The Ministry of Finance declares the removal of tax barriers to investment.

Therefore, we propose that the dividend received by PSH from the subsidiary should be 95% tax exempt. Here, the beneficiaries will be investors from outside the European Union. While companies from the EEA and Switzerland are completely exempt from taxation, an investor from a third country, e.g. United States or Japan must pay tax on all dividends paid. Now tax will only be levied on 5% of dividends paid. This will be a very serious incentive for non-EU investors to invest in Poland. European Union companies will also benefit from the change. they could decide whether they would benefit from the total tax exemption after two years of share ownership or from 95% twice as fast, that is after one year, according to the announcement.

Source: MoF and ISBnews