Pursuits
Poland Takes Aim at Retailers With $485 Million Tax Plan
- Government proposes 2-billion zloty levy with progressive rate
- Cabinet seeks to fund social spending after 2015 election wins
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Poland plans to raise 2 billion zloty ($485 million) from a tax on retailers, which will seek to draw the most from foreign-owned businesses such as Jeronimo Martins SGPS SA, Tesco Plc and Schwarz Group.
The Finance Ministry has proposed a progressive scale, with a tax-free bracket for those with no more than 1.5 million zloty in monthly sales, a 0.7 percent rate for those between 1.5 million zloty and 300 million zloty and 1.3 percent on revenue exceeding 300 million zloty, according to an e-mailed statement on Monday. A 1.9 percent levy would apply on weekend and holiday revenue, according to the plan that’s yet to be adopted by the cabinet and also needs lawmakers’ approval.