News Parkiet

Taxes

Polish authorities unveil new capital gains tax form

Polish tax authorities have published a sample of next year?s PI-38 tax form for stock market investors, the first since the country started levying 19 percent capital gains tax on January 1st 2004. All Polish investors have until the end of April 2005 to pay the tax and file their tax statements based using the one-page form. Stockbrokers will supply data for PIT-38.

However, tax planners and equity brokers say the law doesn?t explain various tax-related issues, including deductibility of asset management fees, investment research, online quotes and interest on securities purchased through margin accounts.

Telecommunications

Senate strikes down parts of new telecoms law

Polish web users breathed a sight of relief yesterday after the senate has decided to throw out two of the dumbest provisions in the country?s new telecommunications law. Upper house of the Polish parliament changed the law that said all prepaid mobile phone users must register with their telecom operators. The Senate also backed down from a proposal some legal experts said would force all Internet users to personally go to their ISP?s or web directories in order to set up their e-mail accounts.

Media

TV stations cut summer advertising rates

Major Polish TV broadcasters are lowering their advertising rates in the traditionally slow summer months. TVN, second largest commercial TV station and its main competitors - state-owned Telewizja Publiczna and TV Polsat, run by Polish media magnate Zbigniew Solorz-Żak have each agreed to reduce their rates by about 15 percent during the slow season.

Real estate

GTC?s parent plans expansion in Croatia

GTC International, parent company of leading Polish real estate developer Globe Trade Centre (GTC) has announced plans to build a new retail and office project in Croatia together with a local partner. GTC?s biggest shareholder said it wants to develop a mixed retail and office complex with the total area of approximately 40.000 sqm, plus a huge underground parking complex of approximately 30.000 sqm in the Croatian capital of Zagreb. Polish GTC will most likely take over the project once it is completed by GTC International. The group, which raised 345 million zloty in an IPO earlier this year, already owns several shopping malls, office buildings and residential properties in Poland. It took over GTC International?s operations in the Czech Republic, Romania, Serbia and Hungary in return for new stock at the time of its IPO in early May.

Privatization

PKO BP not ready for IPO filing

Poland?s largest lender, state-owned PKO BP still hasn?t finished work on its IPO prospectus, sources at the Ministry of Treasure told PARKIET yesterday.

Polish government has already hired CSFB and BGŻ brokerage to handle the 6-billion zloty IPO. The two will receive 13 million zloty plus commission ranging from 0.1 percent to 0.5 percent after the sale of 30 percent stake in PKO BP.

Banking

Getin to buy 10 pct. stake in regional bank

Publicly traded Getin Holding financial group has agreed to buy 10.3 percent stake in Silesia-based GBG, a small regional bank, from Kopex mining company after Polish banking authorities refused to sanction the sale to Cayman Islands-registered investment fund run by Nathaniel Rothschild.

Getin already has 71 percent of GBG. It said it would pay 37 million zloty for the stake held by Kopex.

Separately, the Commission of Banking Supervision gave a green light to the purchase of a 25 percent stake in Bank Pocztowy by state-owned PKO BP. Sources say PKO BP has agreed to pay as much as 190 million zloty for Pocztowy, which is controlled by the Polish Post Office.

Chemicals

Atlas 1H sales up 10 pct. to PLN 550 millionSales at Atlas SA glue-maker rose 10 percent to about 550 million zloty despite weaker performance in June because higher VAT tax on construction materials, company officials told PARKIET yesterday. Privately held firm reported ?double-digit? decline in revenues in June, two months after May 1st EU entry, used as an excuse by the Polish government to raise VAT taxes on building materials from 7 to 22 percent.