Poland's President signs amendment to Corporate Income Tax act
Poland's President Karol Nawrocki has signed into law an amendment to the Corporate Income Tax act, the presidential office announced on Thursday. The amendment aims to reduce the bureaucratic burden on businesses.
The new regulations remove the requirement for holding companies to submit a declaration of intent to take advantage of the CIT exemption on income from the sale of shares.
According to the Ministry of Finance, which prepared the draft, the current regulation is overly restrictive and generates unnecessary bureaucratic burdens without bringing any benefits to the tax administration.
Under the current regulations, within the framework of a Polish Holding Company (PSH), in order for a holding company to benefit from CIT exemption on income from the sale of shares of a domestic or foreign subsidiary to an unrelated entity is to submit, at least 5 days before the date of sale, a statement of intent to take advantage of the exemption.
The act shall enter into force on the day following the date of its announcement.
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