Sejm approves hydrocarbon tax

Poland’s parliament voted on Friday in favor of adopting a law introducing special taxation of hydrocarbon extraction, the Polish Press Agency reports. The regulation will come into force on January 1, 2016, but the tax itself will be enforced starting from 2020. The hydrocarbon tax rate will be 3 percent of the value of extracted conventional resources and 1.5 percent in the case of non-conventional resources, such as shale gas. Total taxation for extraction companies will not exceed 40 percent.