News Parkiet

Taxes

Ministry of Finance may raise 22-percent

standard VAT rate

"We have a few concepts to raise VAT rates or to do a reshuffle in groups of goods taxed at different rates," Jarosław Neneman, vice minister of finance told PARKIET. The move may mean raising the 22-percent standard VAT rate or applying the standard rate to goods, which are currently taxed at the preferential rate of 7 percent. Additional budgetary income would be used to cover shortages resulting from implementing wage costs reduction schemes, drafted by the Ministry of Economy.

Chemicals

Dwory eyes listing its shares on December 20

Firma Chemiczna Dwory, a large artificial rubber and latex plant from south-central Poland, may list its shares on the Warsaw Stock Exchange as early as December 20, said the company's CEO Zdzisław Ingielewicz. Existing shareholders, which include NFI Foksal investment fund and the Treasury, will offer a total of 9.7 million shares in the company, equaling 76.44 percent of the equity.

Steel industry

Ispat Polska Stal makes progress in consolidating

Ispat Polska Stal, steel giant LNM's Polish unit, aims to complete consolidating its Polish subsidiaries by mid-2005, Frantisek Chowaniec, the company's CEO told PARKIET in an interview. He added Ispat Polska Stal is at the same time integrating with its mother company and undergoing changes in its organizational and operational structure.

Insurance

Poland and Eureko near comprise on PZU

Polish Treasury Ministry may resolve a dispute with Dutch insurer Eureko on the investment in PZU, Poland's largest insurance company, as early as next week, PARKIET learned. Poland owns 55 percent of PZU, while closely held Eureko, based in Amsterdam, together with Bank Millennium own 31 percent. Eureko last year filed a complaint with an international arbitration panel, saying Poland failed to sell it a further 21 percent of PZU. Eureko may forgo the 21 percent additional stake if Poland sells the holding to the public as soon as possible. The privatization is scheduled for next year.