The tax system: – Income tax and VAT entity engaged in the economic activity is obliged to pay income tax. For individuals, it is personal income tax. For other entities, it is the corporate income tax, which is to be settled according to a valid tax scale or as a flat tax rate of 19% (standard rate). VAT tax in Poland in most cases amounts to 23% (the basic VAT rate). A reduced rate (8%, 5% or 0%) is applied in cases strictly indicated by the statute. The statute also provides for VAT exemptions (e.g. in cases when the volume of sale does not exceed the amount specified in the statute). In cases of doubt as to the obligation of tax payment in a particular situation, the entrepreneur may address a competent tax authority with the request to issue the individual tax interpretation which is released on behalf of Ministry of Finance and is subsequently binding for this entrepreneur .
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Freedom of doing business in Poland and exceptions (licences, concessions and permits) – EU entities do business in Poland on the same terms as Polish entities entities, the Member States of EFTA belonging to the EEA (Iceland, Liechtenstein and Norway) and Switzerland may take up and carry out business activity on the same condition as Polish nationals.
Polish economy is part of the EU internal market and the Polish legislation is compatible with the EU law. The core of the Polish law governing the economic activity is the Polish Act on Freedom of Economic Activity of 2 July 2004.
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Innovations are a challenge to current legal solutions. For example, voice biometrics technology may cause a problem for the applicable legal provisions in personal data protection. In Poland the area of personal data protection is regulated under Personal Data Protection Act of 29 August 1997 (Journal of Laws of 2016, item 922)
What is biometrics?
Do you want to take care of something through the hotline of your bank or call centre? Or maybe you already have so much passwords, that you are not able to remember them all? Accounts, passwords, logins, other varied verification processes – taking care of safety becoming time-consuming. But there is a technology, that enables to save your time – it is called voice biometrics.
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Doing business in Poland 2016
I. Why investing in Poland?
– Polish economy has increased its position in world rankings
Poland is viewed as a good place for foreign investors. In Doing Business Ranking prepared by World Bank Group for 2016, Poland has been ranked at 24 (compared to 2011 with its rank at 70).
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Market stability guaranteed by the legal system of the EU and competitive operating costs in relation to other EU Member States
10 years in the EU and 25 years of free market economy pose the following favourable investment conditions in relation to the markets of Western Europe:
1) low labour costs and low operating costs of the investment;
2) considerable human potential;
3) economic stability;
4) relatively good logistics infrastructure supported by a number of investments from EU funds;
5) availability of alternative forms of investment financing – Poland will be a major beneficiary of EU funds in the financial perspective for the years 2014 – 2020 (EUR 82.5 billion). Export in Poland has increased more or less twentyfold since 1995. It shows, that the main point of development and the biggest potential are young and well-educated people. According to Mastermind Translations, polish student population constitutes 10% of all European students and most of them are capable of working in foreign languages. It results in Poland’s GDP rising, which is three times faster than the average in Europe.
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