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Debate on development of Warsaw capital market, Advisory and Opinions - EquitiesPoland.pl
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Advisory article

Debate on development of Warsaw capital market

PAP hosted a meeting on the development of Warsaw as a capital market. Below are highlights:

 

ROLE OF THE FINANCE MINISTRY

 

- The Finance Ministry is not charged with ownership oversight and will not establish development paths, but may enable the creation of conditions for Warsaw to become an attractive place to locate capital. - deputy Finance Minister Wojciech Kowalczyk.

 

The ministry would like to focus on several legislative areas, including market infrastructure, transparency and safety, long-term savings, accounting and tax matters as well as incentives for savers, and would like to present concrete legislative proposals in the scope of the above areas in six months. - deputy Finance Minister Wojciech Kowalczyk.

 

NEW INSTRUMENTS ON WSE

- We should support the derivatives market, which in turn would stimulate the market of base-instruments and create opportunities to make profits in various periods of market sentiment. . . two of the most important factors are supporting the lending of securities and possibilities for OFE to participate in this mechanism as well as securing capital positions of OFE on the derivatives market. . . - WSE management board member Miroslaw Szczepanski.

WSE-CEESEG COOPERATION

- The Treasury Ministry is always in favor of considering interesting ideas which may result in a significant increase of turnover on the WSE, deputy TreasMin Pawel Tamborski said when asked about whether the ministry consented to the second stage of cooperation talks between the WSE and Vienna-controlled CEESEG.

CAPITAL GAINS TAX

- We are in the excessive deficit procedure. Any lowering of taxes would be inadmissible given that we need to reach the 3% [deficit to GDP level]. . . I will not make a clear declaration that we will be lowering taxes. . . - deputy Finance Minister Wojciech Kowalczyk.

THIRD PILLAR OF PENSION SYSTEM (INVESTMENT FUNDS)

- The third pillar is practically non-functional. There are no rules which would encourage people to invest. . . There are no better incentives than tax incentives. - IZFiA asset management lobby President Marcin Dyl.

- As far as long-term savings are concerned I do not agree with Mr. Dyl. . . Tax breaks would benefit to the biggest extent some 5% of the society. For the state, the problem are those who cannot afford to save. The state needs to take care of the 100% and not the 5% which is doing great. This will be the state`s main concern. - deputy FinMin Wojciech Kowalczyk

- Tax breaks would serve primarily those who are able to use them. We need to ensure universality, so that those who do not have higher income are also interested in investing. . . We are thinking about various instruments which are not present today, such as instruments which would support real estate investments. - dep TreasMin Pawel Tamborski.

2014-03-18



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