Poland's new coalition government has passed its first political test this week following Parliament's decision to adopt the government's plans to amend the law on personal income taxation.
The amendments include taxing income from bank savings and bonds; freezing tax thresholds for two years; and the replacement of the large housing construction allowance with an allowance to offset a proportion of the interest paid on housing loans against income.
The amendments will raise PLZ4 billion for next year's budget revenue but in order to do this it was crucial that the government finalise the amendments before November-end in accordance with constitutional deadlines. Piotr Bielski, an analyst with the PKO BP bank in Warsaw, told reporters: 'Passing the bill through parliament will be viewed as the first test of the effectiveness of the new government. If amendments are passed this week the zloty will rise, if not the currency will likely weaken.' .
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