Biznes Fakty
Andrzej Domański: We are the 20th largest economy in the world, but we want more
„Currently, we are the twentieth largest economy worldwide, yet we aspire for more. It is essential to bolster pivotal sectors of Polish industry, particularly the space sector, which holds significant potential for the economy,” stated Andrzej Domański, Minister of Finance and Economy, in an interview with „Fakty po Faktach.” When questioned regarding plans to raise the tax-free allowance, the minister refrained from providing a specific timeline.
Andrzej Domański, who serves as both the Minister of Finance and, following the government restructuring, the Minister of Economy, highlighted during his interview with „Fakty po Faktach” that Poland’s ranking as the 20th largest economy globally is not merely a source of national pride but also translates into tangible advantages for citizens stemming from rapid growth.
– A growing economy leads to companies generating higher tax contributions, which in turn increases budget revenues, thus allowing for the funding of significant initiatives, such as the salary increases I mentioned or raises for educators – the minister elaborated.
„Moreover, our ability to allocate nearly 5 percent of GDP for defense, even in light of the threats we face from our eastern neighbor, is only feasible due to our economy’s swift growth. This growth has not been limited to the past year, two years, or five years, but has been ongoing for the last thirty-five years,” he added.
The Minister of Finance underscored that he is actively working to sustain robust economic growth, which will lead to greater tax revenues, enabling enhancements in healthcare, infrastructure, new rail links, and the Central Communication Port.
Polish companies must establish a presence abroad
Domański stressed in the interview the importance of Polish companies enhancing their presence in international markets. He pointed out that suitable tools are currently being developed for this purpose.
„The Polish Development Fund has recently introduced the Team Poland initiative to assist Polish enterprises in their quest for international expansion. As the Minister of Finance and Economy, I aim to be actively involved in facilitating connections between Polish entrepreneurs and their counterparts abroad. We also intend to foster a supportive environment through political measures, as Polish companies need to venture into foreign markets. However, they require capital to thrive in those territories,” he stated.
„We are also keen on attracting truly transformative investments in Poland, particularly in the new technology sector, which generate well-compensated employment opportunities. Ultimately, the goal is to ensure that Poles earn more. Therefore, this economic diplomacy operates in two directions,” remarked the Minister of Finance.
The minister pointed out the challenges faced by small and medium-sized enterprises in accessing loans, highlighting the necessity to bolster the stock market. „We require a comprehensive ecosystem of venture capital and private equity funds. These funds should provide capital to higher-risk companies. This must come from private investors,” he stated.
Higher tax-free amount
In response to the proposed increase of the tax-free amount to PLN 60,000, Minister Andrzej Domański reiterated that „the government plans to implement this measure during the current term,” but did not specify a timeline.
„The Ministry of Finance is currently working on this matter. I will discuss it with Prime Minister Tusk. Naturally, we are also mindful of our other obligations, particularly those related to expenditures, such as the defense budget I mentioned,” he remarked.
When asked how the government would respond if President Karol Nawrocki proposed a similar initiative beforehand, the minister indicated that the proposal would be evaluated, emphasizing the need for clear financing sources.
„Belka’s tax will be limited”
During the discussion, the minister affirmed plans to curtail the Belka tax. „This reduction must have a purpose. It involves a significant sum; around 15 billion PLN is contributed to the budget each year. However, I must also ensure the stability of state finances, so I need to consider this with every tax alteration,” he explained.
He further noted that this would not amount to a total tax repeal, but rather adjustments aimed at promoting investment and innovation. „We recognize that some of the growth drivers that have propelled us over the past 35 years are gradually diminishing. Therefore, we must continually seek new tools and engines for growth, with innovation being a critical focus,” he added.
The minister also emphasized that increasing the number of new housing units in Poland is a priority. „To achieve this, two key elements are necessary. First, an increased supply of land; second, the simplification of investment processes. Naturally, this should be done while respecting the interests of local communities. Additionally, lower interest rates are also crucial,” he stated.
Sunday trading ban
Domański also spoke about the Sunday trading ban. „I recently had a discussion with Chairman Petru regarding this initiative. It is clear that this is a project he holds very dear, and so do I, to be honest, but we need the agreement of all coalition parties,” he clarified.
He added that he is
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