LPP to pay PLN 35-40 mln in new tax

Polish fashion giant LPP estimated that it will pay around PLN 35-40 million due to the new retail tax, said Przemysław Lutkiewicz, deputy CEO of the company. "We generate around 63 percent of our revenues on the domestic market. Looking at 2015 turnover, we have less than PLN 300 million in revenues a month, therefore a 0.7 percent tax rate applies. We estimate that we will pay PLN 35-40 million a year," Lutkiewicz said. On Monday, Poland announced plans to impose the tax on retailers, which is set to bring in PLN 2 billion annually.