New Foreign Exchange Law has hidden traps for importers

Under the new Foreign Exchange Law which came into force on October 1, 2002, the public can freely open accounts in foreign banks, take loans, as well as purchase shares on the world stock exchange markets. At the same time the new law appears to contain many hidden traps, which eventually may negatively affect entrepreneurs, particularly importers. The law demands that importers report to the National Bank when imported goods are sold to another Polish firm. Moreover, there are no regulations to specify what kind of transactions and on what amount companies are obliged to report. As a result, if treasury inspectors discover that a given company has not registered its transactions in the central bank, they may punish the company's president with a fine equaling four months of his salary. "It is very hard to understand why transactions made between two domestic companies are described as foreign exchange trade," said a lawyer with the Chalas law office. (Puls Biznesu, p. 8) A.Z.