President Duda signs new innovation law

Polish president Andrzej Duda headed a ceremony on Wednesday by signing a law which aims to increase profits for innovative businesses and encourage the creation of new start-ups, the Polish press reported. The President was quoted as saying, “Raising the level of innovation (will improve) the functioning of the Polish economy, improve the functioning of Polish science, and above all, improve our position in the world in terms of capital expenditure in the business and its the effects of innovation.” The law, which was passed by Parliament two weeks ago, allows businesses to deduct their expenses on research and development for an increased period of time, allows for a cash refund for new companies, and abolishes the income tax on intellectual property, among other things.