News Parkiet

Equity markets

Corporate earnings rose 39 pct.

in 3Q, survey shows

Aggregate third quarter earnings of the 200-odd companies whose shares are listed on the Warsaw Stock Exchange rose as much as 39 percent compared with last year, a survey by PARKIET shows. Their total profits reached 6.5 billion zloty, or $1.91 billion zloty. Big-cap stocks that are part of WIG20 blue-chip index accounted for nearly a quarter of that figure. Their earnings rose at an average rate of 45 percent, outpacing most smaller stocks.

Public finances

Poland to eliminate

all capital gains taxes

New Polish government is working on ways to eliminate all capital gains taxes, not just taxes on stock market gains, a key economic advisor to Poland?s PM said yesterday. Marek Zuber confirmed that 19 percent capital gains tax on stock market investments, established in early 2004 will be eliminated as early as next year. Tax on other savings will be eliminated if the government manages to keep the lid on next year?s deficit below 30 billion zloty.