President signs crucial budget-related bill

2012-01-01



President Bronislaw Komorowski on 27 December signed into law a key budget-related bill introducing several fiscal measures that are important parts of the government’s fiscal consolidation strategy.
The measures include an increase in the excise duty on fuels that brings Poland’s rates into line with EU guidelines, which is expected to generate extra revenues of PLN 2.2bn (€499m) a year; an increase in the excise duty on cigarettes, expected to deliver an additional PLN 245m (€55.5m) annually; elimination of loopholes in the law on the capital-gains tax; or a wage freeze in the public sector.
All the changes took effect on 1 January 2012, with the single exception of the new capital-gains tax rules, which will become effective on 1 April 2012 to give its payers sufficient time for adjusting their IT systems.
See also the news item ‘President signs off on 2-point rise in employer contributions to incapacity fund’.