News Parkiet

Equity markets

Courts to rule on capital gains taxes

At least some retail investors claiming capital gains tax breaks are going to court to resolve their disputes over deductible expenses with local tax authorities. Many Poles, including those who took margin loans to buy shares of PKO BP when the bank went public last year say they should be able to deduct interest expenses from their capital gains.

Meanwhile, the Finance Ministry says only a part of interest charges that was actually used to buy shares in the heavily oversubscribed IPO is tax deductible.

Poland has raised over 500 million zloty last year when it first implemented capital gains tax.

Food industry

Rolimpex closer to merger

with Provimi Polska

Formal merger between animal feed manufacturers and distributors Rolimpex SA and Provimi Polska Holding is expected within days, CEO of the Warsaw-based company told PARKIET yesterday. Rolimpex, which is 61 percent owned by Provimi has agreed to issue 27 million new shares to privately held firm giving Provimi a 77.7 percent stake in the combined firm. Between them, the two companies control about 30 percent of the Polish animal feed industry.

Banking

Banking sentiment index lower in July

Pengab banking sentiment index fell 1.3 points from last month?s four year high, industry monitoring agency said yesterday. The index, which tracks sentiments of banking managers across the country declined to 34.5 points, eight points higher than in July last year, Pentor said.

Pharmaceuticals

Unimil to cancel shares

Poland?s sole publicly traded condom manufacturer, Dobczyce-based Unimil says it plans to cancel as many as 395 800 outstanding shares, or 14.8 percent of the total, it got when it took over its German parent, Condomi AG. Unimil, which is part owned by Bankowy and AIG pension funds says it will distribute another 100 000 shares worth approximately 3.8 million zloty, or $1.15 million among its workers.