Lower income tax will boost creation of new businesses - FinMin

The planned reduction of Poland's basic personal income tax (PIT) rate from 18 percent to 17 percent from 2020 will be an incentive to set up companies in Poland, Finance Minister Marian Banas told the TVP Info public TV broadcaster on Thursday. PM Mateusz Morawiecki has announced that the government will discuss the income tax reduction law next Tuesday. Banas said that the lower tax rate will encourage people to stay in Poland and set up businesses in the country and, additionally, money that people save this way can be spent on the market and bolster consumer demand. The government is able to reduce taxes due to increasing numbers of companies in Poland which pay significant taxes and because of the government's successful track record in fighting tax fraud, he insisted.