President signs retail tax bill

President Andrzej Duda has signed a retail tax bill, which will come into force as of September 1, the Chancellery of the President said. After many weeks of working on the final shape of the retail tax, the Ministry of Finance has opted for two rates of 0.8 percent for turnover between PLN 17 and PLN 70 million and 1.4 percent for turnover above PLN 170 million, with PLN 17 million tax-free turnover.  A draft bill will be sent to the standing committee of the council of ministers, the Polish Press Agency said. Poland would receive PLN 630.2 million gross and PLN 510 million net from a retail tax, if the levy comes into force in August, the Ministry of Finance announced in May.