On 10 December 2021 there entered into force the amendment of the Polish law on energy. The changes introduced by this amendment, which relate to the principles of tariff calculation, aim to avoid the risk of a single cumulative increase in gas prices for households in 2022, while ensuring that gas sellers can cover their costs of purchasing gas for their customers in the long term. As a result, household gas prices may fall at some point, but revenue will be recovered in subsequent years by applying prices that take account of such latent costs. This means that gas prices in these years will be higher than the current cost of buying this fuel, even if wholesale gas prices fall again.
New tariff system
The new mechanism incorporated to the tariff system is a one-of-a-kind solution deriving from the existing state of the national and European gas markets. It assures that gas sellers can carry forward the present rise in raw material purchase prices over the next few years rather than simply factoring them into the tariff as it is now calculated. Until 30 June 2022, gas sellers may submit to the President of the Polish Office for Energy Regulation a gas sales tariff for households calculated only on the basis of a proportion of the justified costs, i.e. a proportion of the gas procurement costs. On the other hand, the seller will be able to cover the part of the costs not included in the current tariff for the next three years, i.e. until the end of 2025, either from the tariffs applicable from the beginning of 2023, or from the prices and charges set on competitive markets.
On November 17, 2021, Pracuj.pl group, a leader in the digital recruitment market, operating in Poland, offering services to support the recruitment, retention and development of employees has published a prospectus with a view to conducting an initial public offering of the Company’s shares and their admission to trading on the main market of the Warsaw Stock Exchange. The offer covered up to 22,380,626 existing shares with each share having a nominal value of PLN 5 – representing 32.86% of the share capital. The maximum price has been set at PLN 82 per share.
Before the sale of shares takes place, the company conducts book-building, which is a key process in determining the share issue price. The book of demand thus involves the collection of non-binding information from potential institutional investors on their interest in acquiring the securities in question. The key stage affecting book building is the acceptance of subscriptions from potential investors, and on the basis of the interest in the offer the company determines the issue price and the final number of shares.
Subscription for shares
On August 24, 2018, the Polish Ministry of Finance published a draft act amending the act on personal income tax, the act on corporate income tax. One of the proposed changes was the introduction of preferential taxation of income from intellectual property rights (the so-called “IP Box” or “Innovation Box” relief).
Innovation Box – IP Box allowances – were introduced to the Polish Personal Income Tax Act (“PIT”) and to the corporate income tax (“CIT”) as a preferential form of taxation (preferential taxation of earned income) for entrepreneurs obtaining income from commercialization of intellectual property rights. Qualified intellectual property rights are obtained after submitting an application to the appropriate body – then it is possible to take advantage of this relief.
IP Box has been implemented in other countries, including: the Netherlands, Great Britain, Ireland, Luxembourg.
The scale of international investment in Poland in recent years
According to analyses, 2021 a record year in terms of the number and value of investments in Poland. From the beginning of the last year, 402 investment support decisions were issued. By analogy, in the same period last year this was a difference of 56%. The value of investments in 2021 was approximately 17.3 billion PLN, which is an increase of 14% compared to the whole of 2020.
Since the beginning of the Polish Investment Zone (which is an instrument thanks to which one can obtain tax relief for the realization of a new investment, which can be used throughout Poland, regardless of the size of the company. Such support is granted to companies from the industrial and modern services sector), 1209 decisions on investment support have already been issued. 2021 declarations accounted for 33% of the total and were declarations of over 9500 new workplaces.
Polish National Register of Debtors
The entry into force of the Polish Act on the National Debtors Register on December 1, 2021, constitutes an extremely important modification of the legal order in the area of restructuring and bankruptcy in Poland.
The main assumption behind this amendment was to adapt the solutions adopted in the Act on amending the Act – Bankruptcy Law and certain other acts (Journal of Laws of 2019, item 1802) to the solutions proposed in the National Debtors Register. This adaptation will consist in enabling the conduct of bankruptcy proceedings (or their elements) by means of an ICT system.
Principles of operation of the system