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Doing Business in Poland

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Doing Business in Poland Doing Business in Poland January 2018 2 Doing Business in Poland Contents Section Page Introduction 04 Legal 05 • Political, legal and economic system 06 • Conducting Business 13 Taxes 23 • Corporate Income Tax (CIT) 24 • Standard Audit File 34 • Personal Income Tax (PIT) 35 • Tax on goods and services (VAT) 40 • Tax on civil law transactions 45 • Excise duty 47 • Local taxes and charges 48 Labour 49 Audit 57 Trade and finance 63 Infrastructure 68 3 Doing Business in Poland Introduction This guide to doing business in Poland will shed light on the key aspects of undertaking business and investing in Poland. With over 38.5 million people, it is the largest market among Central and Eastern European countries and the sixth-largest economy in the European Union. Over the past 25 years, Poland has emerged as an important Poland offers a well-educated workforce with competitive Government support and dynamic economy. The country’s convenient location labour costs. Finding suitable personnel should not be in the heart of Europe makes Poland the perfect investment a challenge for potential investors. Salaries and wages in Poland’s investment appeal is further augmented by a range destination between Eastern and Western markets. Poland, despite a visible rising trend, are still markedly lower of subsidies and tax incentives available to investors. There are than in Western European countries. 14 Special Economic Zones (SEZ) in operation today, offering After the political changes of 1989 and the transition to such inducements as tax exemptions, employment incentives a market-oriented economy, Poland has achieved significant People and well-prepared investment sites to companies willing to economic success. In 2004 it became a member of the bring their business there. SEZs will operate until 2026. European Union (EU). Driven by extensive domestic demand, Poland’s population of over 38.5 million people forms a large exports and foreign investment, Poland has developed strong and dynamic consumer market, again one of the biggest Potential for growth economic fundamentals. This was clearly visible in 2009 when in Europe. Strong internal consumption is one of the key Poland’s economic growth is in part due to the sizable support Poland remained the only country in the EU that managed to economic drivers that contribute to the country’s economic from the EU structural and cohesion funds. Poland is the main maintain positive GDP growth. Between 2006 and 2016, the stability. The ratio of exports to domestic demand in Poland beneficiary of these funds, having received EUR 68.7 billion cumulative GDP growth in Poland reached 41.6 percent. stands at around 50 percent, setting it apart from other CEE countries where it exceeds 75 percent. from 2007 to 2013, and expecting EUR 82.5 billion pledged According to Eurostat data for 2015, the Polish economy grew for the years 2014-2020. The second round of the EU funding by 2.7 percent, which was still one of the highest growth rates Location is still earmarked for investments in transport infrastructure, among EU countries. In 2017 Poland’s real GDP growth is but the highest increase in expenditure will be in the area of The country has a very favourable location in the centre expected to average 4 percent. All this indicates that Poland innovation and enterprise support. of Europe at the intersection of major trans-European will continue to be one of the EU leaders in economic growth transportation routes. Goods can be easily shipped from Please note that this guide is intended to cover some of the rates also in the years to come. Poland to all European countries, reaching more than 500 most typical issues investors might encounter in Poland, while There are several factors that contribute to the rapid growth million consumers. Poland’s major trade partners are, among certain industries and areas of business are subject to special of Poland’s economy and make the country an attractive others, Germany, Russia, China, France, the UK, Italy, regulation and so companies intending to invest in these areas destination for foreign investors at the same time. Hungary, Ukraine and Spain. are encouraged to seek further legal advice. 4 Doing Business in Poland Legal Political, legal and economic system Political and legal system The Council of Ministers is led by the Prime Minister Decentralisation of public authority (appointed by the President), who then nominates Deputy Poland’s key political and socio-economic principles are Prime Ministers and other Ministers. The Council of Ministers In accordance with the Polish Constitution, the public power enshrined in the Constitution of 2 April 1997. It states that determines both domestic and foreign policy matters. is decentralised. Therefore, the country has three tiers of Poland is a Parliamentary Republic with a democratically Judiciary power is vested in impartial and independent regional administration, with voivodeships (provinces, 16), elected government. The system is founded on the principle of courts and tribunals and executed by the Supreme Court, poviats (counties, 380) and gminas (communes, 2478). the separation of powers with the typical division of branches common courts, administrative courts and military courts. Administrative responsibilities are divided between government into a legislature, an executive and a judiciary. Additionally, certain particular cases require a decision of the (central) administration, headed by the Council of Ministers Constitutional Tribunal or the State Tribunal. (as part of the executive), and self-government authorities at Legislative power is executed by the Sejm (the lower house) local and regional levels which are also empowered to adopt and the Senat (the upper house) jointly creating a bicameral Historically, Poland’s legal system belongs to the continental laws within the scope of their competence. Parliament. There are 460 members of the Sejm, while the (civil) legal tradition, which means that exclusive law-making Senat comprises 100 senators. They are all elected directly powers are vested in the legislative branch (the Parliament) Economic system by the People for four-year terms of office. The Parliament not which enacts statutes as the main source of generally The Polish economic system is founded on the principles of only makes law, but also exercises control over government applicable law. These written laws form a hierarchy in freedom of establishment, freedom to provide services, and and is empowered to appoint officials to key Polish authorities. which lower-ranking laws are subordinate to higher-ranking private ownership, guided by the spirit of solidarity, laws. The highest ranking law in Poland is the Constitution, Poland has a multi-party system with three main political dialogue and cooperation of social partners. followed by international agreements ratified on the basis of parties that currently hold sway: Law and Justice (Prawo prior statutory acceptance, acts of Parliament, ordinances i Sprawiedliwość), the Civic Platform (Platforma and local legislation. Moreover, the provisions of European Obywatelska), the “Kukiz 15”. Union law apply according to the principles laid down in the Executive power is in the hands of the President and the European Treaties. Council of Ministers. The President is the head of state representing the country in the international arena and is elected directly by the People for a five-year term of office. 6 Doing Business in Poland Political, legal and economic system Protection of personal data In accordance with statutory provisions, data processing is Exchange controls only allowed if: Principles of personal data protection are laid down in the Enforcing foreign exchange law is a duty of the President of 1. the person that the data applies to (data subject) gives Personal Data Protection Act of 29 August 1997, the National Bank of Poland (NBP). her/his consent, unless that person’s data is being deleted; which is in line with European Union law. 2. it is necessary for the purposes of exercising a right or In principle, no restrictions apply to foreign exchange Pursuant to the aforesaid Act, the term personal data fulfilment of a duty stipulated by law; transactions between Poland and the Member States of the refers to any information related to: European Union, countries of the European Economic Area 3. it is necessary for contract performance and the person (EEA), or the Organisation for Economic Cooperation and • an identified person; that the data applies to is a party to the contract, or where Development (OECD). certain actions must be undertaken prior to executing the • an identifiable person. contract at the request of the data subject; In turn, exchange operations with third countries – non-EU, non-EEA and non-OECD – require exchange control approvals. Personal data protection provisions are binding upon entities 4. it is necessary in the performance of statutory tasks Restrictions apply to currency transactions involved in trading referred to as data administrators, which include national undertaken for the public good; in securities, acquisition of company stock and trading in authorities, local authorities, as well as state and municipal 5. it is necessary to fulfil legally justified objectives receivables. General exchange control approvals are granted organisational units, and also non-public entities carrying out realised by data administrators or data recipients, in the form of ordinances by the Minister of Finance, while public tasks and non-public entities which process personal and such processing does not infringe upon the rights and individual approvals can be obtained from the President data in connection with their business or professional activity freedoms of the data subject. of the NBP. or the implementation of statutory objectives. Personal data protection activities are spearheaded by the Any international money transfers or domestic transactions Inspector General for Personal Data Protection (GIODO), who involving foreign currencies in excess of EUR 15,000 must keeps the GIODO register to which all data administrators are be processed through authorised banks.
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