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Tuesday, March 5, 2024

Tax on excess profits – the government is working on the bill

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Despite reservations that it is only a proposal and no decisions have been made, the government continues to work on a tax on excess profits, which could primarily apply to raw materials and energy companies. State Treasury companies are deeply concerned, reports Rzeczpospolita.

Analyzes concerning the preparation of the draft of the new tax were commissioned immediately after the Prime Minister’s declaration Mateusz Morawiecki and are to be held at the Ministry of State Assets (MAP). “The ministries responsible for supervision over companies and fiscal policy seem to be surprised by the pace of work themselves,” the newspaper notes.

Work on the tax on excess profits

According to the journal, however, the biggest concern about the announcement of the new tax is in the companies themselves. They are afraid of losing a large part of their value.

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“Also private and foreign investors who were to provide financing for the energy transformation worth hundreds of billions of zlotys (its cost is estimated at PLN 300-400 billion), may leave Poland. According to Prime Minister Mateusz Morawiecki, companies that have large profits resulting from war in Ukrainethey could pay additional taxes on this account, “we read.

The newspaper writes that State Treasury companies, including the largest ones such as PKN Orlen, PGE, PGNiG or PKO BP, are afraid of a new levy that may deprive them of money for necessary investments or limit their pace. They raised money, incl. from private investors, as during the recent issues of new shares of PGE and Enea.

“The declaration of the prime minister alone was supposed to cost even PLN 7.3 billion in the valuation of companies supervised by MAP. Their total shares lost as much in value between July 8-11. if the tax bill would come into force, “Rzeczpospolita” informs.

The newspaper notes that at present, however, it is not known exactly who it would cover and how much it would amount to. The analyzes that have been launched do not determine the fate of this tribute, but indicate that the government is still thinking about it. They should be completed within a few or several months.

It was added that it is not only the Polish government that is preparing a tax on excess profits, so that, inter alia, finance the growing spending on social assistance in the high age inflation. They bring such tributes Great BritainSpain i Hungary.

Main photo source: Shutterstock

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