Poland to cut copper mining tax from 2026, finance minister says
WARSAW, May 23 (Reuters) - Poland's copper mining tax will fall from next year under a new system that will provide deductions related to investment spending, Polish finance minister Andrzej Domanski said on Friday.
The tax on mineral extraction, including copper, was introduced in 2012. Poland's biggest copper miner KGHM (KGH.WA), opens new tab paid 3.87 billion zlotys in tax in 2024, according to its annual report.
Domanski said the tax cut and the introduction of investment spending deductions would lower tax revenues by an estimated 10 billion zlotys ($2.66 billion) over ten years and reduce costs for copper producers by the same amount.
"The fact that KGHM is a supplier of about 85% of copper in Europe is absolutely crucial," Minister of State Assets Jakub Jaworowski said.
"By taking care of investments in Poland, by taking care of the development of KGHM, we also take care of the collective security of the West and the European Union."
($1 = 3.7545 zlotys)
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