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.
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KIELTYKA GLADKOWSKI participates in the webinar “The Future of Cybersceurity” organized by techUK and Barclays Corporate Bank, on Thursday, 31 March 2022.
The webinar will be discussing emerging cyber security threats, trends and solutions.
The world of cyber security is constantly evolving, with new technologies, geopolitical events and legislation appearing amidst increased investor and corporate focus. The speakers will analyse the issue of how the cyber security industry is adapting to these changes and ensuring companies stay ahead of potential threats.
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KIELTYKA GLADKOWSKI takes part in the event organised jointly by the Observer and Coindesk devoted to DeFi Dozen, taking place on March 29.
The speakers will present and discuss the most trendy DeFi companies of 2022.
The speakers will include James Ledbetter, Executive Editor, Observer; Lisa Carmen Wang, Founder, Bad Bitch Empire and advisor to crypto CEOs; Joe Lautzenhiser, Editorial Researcher and Strategist, CoinDesk.
The event is a great opportunity for KIELTYKA GLADKOWSKI to get the insight into most trendy DeFi companies in the market, since decentralised finance remains crucial specialisation for our law firm, with a particular focus on cryptocurrency exchanges, OTC desks and wallet-providers, DeFi traders and Dapp developers, NFT platforms, issuers, and investors, digital asset platforms, institutional investors and publicly traded companies; cryptocurrency hedge fund managers and investors, metaverse businesses, brands, and users.
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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.
Book building
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
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A producer of free computer games does not earn money by selling them, but by advertising. Therefore, he pays a higher tax than the one who provides games for a fee – according to the interpretation of the director of the Polish National Tax Information.
As a result of this interpretation, the situation of producers (so-called developers) of paid and free games is diversified: the former are not entitled to the IP Box tax relief, the latter indeed are.
Premium games
The IP Box relief in Poland consists in taxing income from qualified intellectual property rights at a preferential rate of 5% of personal income tax or corporate income tax. It concerns, among others the income from fees or charges under the license agreement (Article 30ca (7) (1) of the Polish PIT Act and analogous Article 24d (7) (1) of the Polish CIT Act). In practice, therefore, a person who buys a game from the producer (developer) signs a license agreement with him.
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