Entrepreneurs face another tax
Companies that buy property on a larger scale will pay an additional tax. The details of this are currently being worked on and are expected to see the light of day in a few weeks.
The Ministry of Development and Technology is working on the new tax. According to government representatives, burdening businesses with another property tax is supposed to increase the availability of housing for individual buyers and at lower prices.
The introduction of the new tax has already been announced several times by Prime Minister Mateusz Morawiecki. From his statements, it seems that another property tax should hit investment funds, as they are the ones – according to the Prime Minister – who buy up properties wholesale in order to then sell them at a profit.
– The idea of introducing a new tax seems to be understandable. You can argue with it, because it limits real estate turnover, because it interferes with the freedom of transactions, but what in my opinion is the most important now is the question whether it is “this moment”. The economic situation in the development industry is really difficult. In September inflation rate reached a level that we have not dealt with in over 20 years. Interest rates soared to high levels and salaries are already growing much slower than at the beginning of the year. This means that individuals who are the main clients of the development industry either cannot afford a loan / high repayment installments or simply are beaten by their creditworthiness. On the other hand, “cash” customers buy investment – often smaller areas intended strictly for rent. The development business needs nore a lifeline than an anchor that will pull them down even more – says Łukasz Kupryjańczyk, tax advisor, partner at Thedy & Partners.