President proposes innovation law

President Bronisław Komorowski has presented a draft of the legislation act aimed at boosting innovativeness of Polish companies. According to the draft, companies regarded as innovative would be granted tax exemptions, similarly as those, which invest in R&D activities. The biggest companies will be eligible to deduct as much as 120 percent of the amount spent on R&D, while the tax deduction of small and medium sized companies would reach 150 percent of the investment value. Firms, whose innovative undertakings are sole specialization would be completely exempted from the CIT tax. "In my opinion, it is absolutely possible for Poland to become one of the most innovative countries in the EU," President Komorowski said in Rzeszów.