President signs pro-investment bill into law

Radek Pietruszka

Polish President Andrzej Duda has signed into law a new pro-investment bill entailing groundbreaking changes and turning the whole of Poland into a special economic zone, the President's office said on Saturday.

In tune with the legislature, investors, large and small, will be eligible for 10 to 15-year tax breaks. Moreover, they are no longer going to need to relocate to a specific area in order to obtain these breaks.

Under the bill, tax breaks will be granted according to the location and nature of the investment, as well as the quality of jobs to be created. Medium-sized towns whose social and economic importance is diminishing will be preferred, while unemployment rate and investor size are also set to be considered.

Until now, there were 14 special economic zones (SEZ), covering around 0.01 percent of Poland's area.

Minister of Entrepreneurship and Technology Jadwiga Emilewicz explained that the division into 14 SEZ was introduced over 20 years ago, when Poland was in a completely different situation. "At that time, the priority was to attract capital and create new jobs," she said. Now, as she emphasised, we want to create high-quality, well-paid jobs.(PAP)