18th May 2004
Thursday, September 2nd, 2010
Finance Ministry "stunned" at massive CIT revenues so far this year
The budget revenues from corporate income tax (CIT) amounted to zł.4.8 billion after the first four months of 2004, which is 49.9% of the figure planned for the whole year.
Such large CIT revenues came as a surprise even to the Finance Ministry. Economists quoted by Rzeczpospolita think that the revenues from this tax will easily exceed the zł.9.6 billion envisaged in the budget bill. Mirosław Gronicki, Bank Millenium's chief economist, told Rzeczpospolita that they may be higher by as much as zł.4 billion. Sources close to the Finance Ministry stated that CIT is now paid even by state companies like Poczta Polska that incurred losses up to now. This year, CIT is at the level of 19%, while in 2003 it was 23% which may well explain why some companies, despite the improvement of their financial situation, posted profits only this year to pay less tax. (Rzeczpospolita, p. B1) E.B.
From Warsaw Business Journal
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