Poland

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About

Poland

Capital
Official languages
Population
Currency

ISO 4217

Warsaw

Polish

38,438,639 (as of 2019)

Polish Zloty

PLN

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Economy

"Poland's economy has been growing steadily over the past few years. According to the World Bank, the country's GDP grew by 4.3% in 2019, making it one of the fastest-growing economies in the European Union. The unemployment rate in Poland has also been steadily decreasing, dropping from 8.2% in 2018 to 6.7% in 2019. This is the lowest rate since the early 1990s.

The country's exports have also been increasing, with exports of goods and services reaching a record high of $231.3 billion in 2019. This was a 5.3% increase from the previous year. Poland's main export partners are Germany, the United Kingdom, France, and Italy.

The country's inflation rate has also been relatively low, with the average inflation rate in 2019 being 2.3%. This is well below the European Union's average inflation rate of 1.7%.

Overall, Poland's economy has been performing well in recent years, with steady growth and low inflation. This has been helped by the country's strong export sector and low unemployment rate."

Taxation

In Poland, both corporate and personal income is subject to taxation. The tax system in Poland is based on a progressive scale, which means that individuals and businesses are taxed based on their income levels.

For individuals, the tax rate starts at 17% for those earning up to PLN 85,528 (as of 2023), and then increases to 32% for those earning over this amount. Additionally, there is a solidarity surcharge of 4% for those earning more than PLN 1 million per year.

For businesses, the corporate tax rate is a flat 19%, regardless of the level of income. There are also some tax incentives available for companies engaged in certain activities, such as research and development.

The tax year in Poland is the same as the calendar year, and tax returns are due by the end of April of the following year. Taxes can be paid in installments throughout the year, or as a lump sum when the tax return is filed. Taxpayers can make payments through various channels, including bank transfers, online payments, and at the tax office. The tax authorities may also require businesses to make advance payments of their estimated tax liability.

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