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Publications

  • Non-European Sanctions Act - a Chilling Threat to Political Decisions

    Non-European Sanctions Act - a Chilling Threat to Political Decisions | 2022-04-29

    The Act on Special Measures to Prevent and Counteract Aggression against Ukraine and to Safeguard National Security [hereinafter: the Sanctions Act] signed by the President was intended as a Polish complement to EU actions and sanctions against Russian oligarchs. However, a closer analysis of the content of the Act leads to the conclusion that it may only constitute a sham, which will ricochet off other entities. The main problem is that the procedure for including new entities on the asset-freezing blacklist is extremely short and threatens to be extremely arbitrary. Also, the rules of possible international cooperation, apart from the type of sanctions applied, have not been specified. An additional issue is also the lack of a realistically effective verification procedure prior to the making an entry onto the list, which in turn is characterized by its immediate enforceability.

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  • There is no justification for freezing WIBOR

    There is no justification for freezing WIBOR | 2022-04-19

    Ideas of a blanket freeze in WIBOR rates for mortgages make no economic sense. At a time when interest rates were at record lows, banks had a fairly prudent lending policy. So it should be presumed that most borrowers are able to pay higher installments. For people who are actually in a difficult financial situation, support instruments like the Borrower Support Fund at Bank Gospodarstwa Krajowego are already in place. However, the fact that some group may not be able to bear the current burden does not mean that support is due to everyone who has taken out a loan in the past several years.

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  • Weakening the economy and state finances undermines national defense

    Weakening the economy and state finances undermines national defense | 2022-03-25

    In the current situation we do not need creative legal changes, but a plan for building military security, which would not affect the stability of public finances and the development of the national economy. The strategy of irresponsibly increasing state spending and the country's debt may end in very high inflation, further increases in interest rates and destabilization of the economy. This would harm both the defense of the country and the economic situation of citizens.

     

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  • EU Minimum Corporate Tax Directive and EU Challenges Today

    EU Minimum Corporate Tax Directive and EU Challenges Today | 2022-03-24

    At the end of 2021, the European Commission (the EC) released a "Proposal for a council directive on ensuring a global minimum level of taxation for multinational groups in the Union." The directive would place a 15 percent minimum effective corporate income tax (CIT) on large-scale company groups. The EC claims that the directive will address tax challenges caused by digitalization and ensure that companies pay "a fair share of tax." This proposal stems from OECD's "Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy," which aims to limit global corporate income tax competition between countries and to preserve tax revenues in high- tax jurisdictions.

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  • Polish government's involvement in humanitarian aid will not unlock the National Recovery Plan (NPR)

    Polish government's involvement in humanitarian aid will not unlock the National Recovery Plan (NPR) | 2022-03-18

    The actual actions of those in power, which contradict public declarations of cooperation, almost point to internal sabotage of funds from the EU Recovery Fund, which in fact could have already reached Poland. The European Commission's refusal to proceed with the Polish NRP should be seen in terms of concern for the financial security of the European Union. Poland - apart from refusing to meet the "rule of law" conditions - also refuses to join, for example, the European Public Prosecutor's Office, whose main task remains to conduct independent investigations into possible fraud in relation to EU finances.
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  • More out-of-control funding - what can go wrong?

    More out-of-control funding - what can go wrong? | 2022-03-14

    In response to Russia's invasion of Ukraine, the Law and Justice government began work on creating two new funds in the state-owned Bank Gospodarstwa Krajowego to finance "systemic aid" and additional military spending. At the moment, the debt beyond the control of the parliament amounts to PLN 260 billion. According to the government's plans, by the end of this year it will amount to PLN 350 billion, and by 2025 to over PLN 400 billion, i.e. about a quarter of the public debt calculated according to the EU methodology. The constitutionality of such actions raises serious doubts.
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