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Monday, June 17, 2024

JSW, Bogdanka – shares down. Tax on extraordinary profits of companies – Maciej Kietliński from XTB comments

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The value of JSW shares fell by nearly 5 percent on Monday, and Bogdanka by nearly 2 percent. “It is possible that the market is playing for potential negative information regarding the energy sector (new windfall tax?), which may appear in the coming days,” wrote Maciej Kietliński from the XTB brokerage house in a commentary. Prime Minister Mateusz Morawiecki spoke on Monday about the tax on extraordinary profits.

Shares of Jastrzębska Spółka Węglowa lost 4.82 percent on Monday. Bogdanka ended Monday’s session with a decrease of 1.50 percent. Maciej Kietliński from the XTB brokerage house pointed out that the event of Monday’s session “was a significant drop in the quotations of coal giants”.

“Although no information has emerged that could credibly fundamentally justify these declines (the price of coking coal is experiencing long-term increases), it is possible that the market is playing for potential negative information regarding the energy sector (new windfall tax?) that may emerge in the coming days,” Kietliński wrote.

The shares of Tauron (-2.07 percent), PGE (-1.66 percent), KGHM (-0.37 percent) and PKN Orlen (-0.13 percent) also ended Monday’s session on the Warsaw Stock Exchange under the line. percent).

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Prime Minister on the tax on extraordinary profits

Prime Minister Mateusz Morawiecki met with the Prime Minister in Stockholm on Monday Sweden Ulf Kristersson. During the conference after the meeting, the heads of government were asked about the introduction of the so-called windafall tax – a tax on windfall corporate profits – at the European level on energy companies.

Morawiecki replied that “certain mechanisms have already been implemented”. – One that can be qualified as a special tax for energy companies. We have also established price limits – said the Prime Minister, pointing out that the profits from these taxes will go to “other companies and citizens” to reduce the costs related to the energy crisis.

– As regards the general taxation of large international corporations, we are in favor of such a solution – that is why we support such a solution, among others within the framework of the OECD – indicated the Prime Minister.

Prime Minister Kristersson stressed that there is a legal framework for introducing such taxes on windfall profits. – We use them too; last year these profits were high, also this year they are a lot of income that goes to the pockets of Swedish consumers – he noted.

Main photo source: photo: Dawid Lach/JSW

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