Polish government approves bill on revenue tax on large corporations

Poland's government approved a bill on Wednesday envisaging tax to be imposed on big companies that pay little or no Corporate Income Tax (CIT).

The tax is to be paid from 0.4 percent of revenues plus 10 percent of select spending, such as that on intangible assets and royalties.

The government expects PLN 2 billion (EUR 443 million) in annual receipts from the revenue tax on large, mainly international, corporations, Prime Minister Mateusz Morawiecki told a press conference after the government meeting.

The measure is also aimed at improving the competitiveness of small businesses, he added.

"Following the example of American and Austrian solutions, we introduce equalizing solutions, solutions that are also to protect Polish companies, which are usually smaller or medium-sized in a given industry, in the market battle, in comparison with these international giants," Morawiecki told reporters.