Business Politics
22:31 29 November 2020
Post by: WBJ

Sejm against inclusion of limited joint-stock partnerships and cooperatives by Estonian CIT

Sejm against inclusion of limited joint-stock partnerships and cooperatives by Estonian CIT
Source: Wikimedia Commons

The Sejm (lower chamber of Polish parliament) rejected the Senate's (higher chamber) amendments to the act on corporate income tax, which assumed that Estonian CIT would also be extended to limited joint-stock partnerships and cooperatives. Deputy Minister of Finance Jan Sarnowski did not rule out extending the scope of the act in the future. He also informed that the ministry is working on extending this tax to cooperatives.
The amendment assumes that from January 1, 2021, this settlement will be available to limited liability companies (under certain conditions) and joint stock companies.
The amendment to the act on corporate income tax assumes that an entrepreneur who meets the assumed criteria will be able to choose whether he wants to use a new type of taxation or remain in the current system.
From January 2021, the Estonian CIT will be available to entrepreneurs whose annual revenue limit will be PLN 100 million and who have allocated their profits to reinvestments. Still, the solution will be available only to companies not having shares in other entities, employing at least three employees in addition to the shareholders and  showing capital expenditure. Besides, their passive revenues cannot exceed the revenues from operating activities. All these criteria must be met simultaneously.
(ISBnews)

parliament
estonian cit
limited joint-stock partnerships
cooperatives
jan sarnowski

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