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Bloomberg
Poland’s biggest retailers fall as the government pulls forward plans to restore a controversial sales tax to September.
The Polish cabinet updated its legislation agenda on Tuesday, which includes fast-tracking a levy that was suspended for three years amid a European Union probe on whether it constituted illegal state aid. In May, Poland won a challenge against the European Commission’s ruling, giving it the green light. Many had expected the country to wait until next year to introduce the tax.
Shares in Jeronimo Martins SGPS SA, which runs country’s biggest food-store chain Biedronka, dropped as much as 4.9 percent in Lisbon, while Poland’s leading footwear retailer CCC SA retreated 7.4 percent in Warsaw.
The 2016 bill foresees a 0.8 percent levy on retailers with monthly sales exceeding 17 million zloty ($4.5 million), with the rate rising to 1.4 percent on higher revenue, excluding e-commerce.