June 25, 2015 / 6:09 AM / in 2 years

Polish opposition party plans to cut corporate tax for small firms: report

WARSAW (Reuters) - The Polish opposition party Law and Justice (PiS) wants to cut the Corporate Income Tax (CIT) for small companies as part of its wider plan to boost the economy, PiS candidate for prime minister Beata Szydlo told Rzeczpospolita daily on Thursday.

“We have to increase consumption. The construction of Polish economy has to be started from supporting our entrepreneurs. For this, a change in the tax system is needed into one that will promote investment”, said Szydlo, whose party is forecast to win October elections according to opinion polls.

“(...) We propose lowering the taxes, like CIT at 15 percent for small companies,” Szydlo added. Currently the CIT rate stands at 19 percent.

PiS deputy leader also said the party’s plan is to lower the retiring age to 60 for women and 65 for men. Under the most recent overhaul of the pension system the retiring age for Poles would be ultimately 67.

Szydlo also criticized the proposal by Polish Bank Association (ZBP) to help homeowners struggling to service Swiss franc-denominated mortgages partly through the public finances.

“Banks should not transfer the responsibility for their actions,” Szydlo said.

PiS also plans to get rid of the Treasury Ministry, which now oversees the key state-run companies and industries like energy, mining and financial and create a new Energy Ministry.

It would like to see the Development Ministry to oversee other ministries key for the economy.

The ruling pro-business party, Civic Platform (PO), has presided over strong economic growth since 2007. But its candidate lost a May presidential election to a Law and Justice challenger and may lose the parliamentary election as well.

Reporting by Agnieszka Barteczko; Editing by Michael Perry

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