Szczurek: lower VAT rates in 2017
13:09
Lower VAT (value added tax) rates will be implemented in 2017 at the latest, finance minister Mateusz Szczurek informed on Thursday.
The Polish government has already notified the EU administration about its plans. "This is settled," Szczurek said.
On Wednesday, the European Commission agreed to lift the excess deficit procedures with regard to Poland, which allowed for the VAT reduction. It did recommend further budget cuts of 0.5 percent of GDP both in 2015 and in 2016.
The European Commission had earlier recommended Poland limit the application of preferential VAT rates. However, establishing a single rate will have some social side effects, Jerzy Martini, tax advisor, pointed out.
