Under certain conditions, it is now possible for domestic entities to transfer foreign currencies abroad to OECD member countries and countries with which Poland has signed a mutual support and investment protection treaty in order to:
It is also permitted for foreign persons to transfer funds abroad which have been exchanged in a bank for Polish zloty earned from selling participation units in investment funds and trust funds, or shares in companies whose seat is in an OECD country or a country with which Poland has signed a mutual support and investment protection treaty which were released for trading by the Securities Commission up to a total limit of 200 000 000 ECU.
- buy shares in companies whose seat is in one of the above mentioned countries which gives the investor at least 10% of voting rights at a general meeting of shareholders;
- acquiring or opening a branch or representative office;
- acquiring real estate abroad in connection with business activity carried on there.
Other important changes include:
Tax laws and practise are constantly being revised and, whilst every effort is made to ensure that the information in this tax newsletter is accurate and timely, no decision should be taken on the basis of the information herein without first consulting with KPMG Polska.
- Polish joint stock companies may sell their shares on foreign markets for foreign currency;
- business travel allowances may be regulated by companies and not just by ministerial decree;
- subject to certain conditions, domestic entities may utilise foreign credits and loans connected with trading agreements, and domestic persons may give credit or loans to foreign persons. In both cases, the loans should mature at least one year after the date of issue.
Should you have any questions in relation to the above issues, please contact:
Oliver Sinton KPMG Polska LIM Center - Marriott Hotel - IX floor Al. Jerozolimskie 65/79 00-697 Warsaw, Poland Tel: +48 (22) 630 7236 Fax: +48 (22) 630 6355
This information was correct as of 3 July 1996.
