Poland with the new constitution for business

President Andrzej Duda, PM Beata Szydło, NBP Governor Prof. Adam Glapiński and Deputy PM Mateusz Morawiecki in Rzeszów, Poland (Kancelaria Premiera, CC)

Hungary’s corporate tax to be lowered to 9 per cent

Russia bans access to LinkedIn professional network

Poland

In Rzeszów, the south of Poland, a new event for business, 590 Congress, takes place–under the patronage of Polish President Andrzej Duda. At the opening on November 17th  Mr. Duda announced that “only by building an efficient, competitive, innovative, but ethical economy are we able to develop potential which will translate into the life of every Pole.” As the Polish Radio reports President Duda said that “some of the legacy dating from the beginning of Poland’s free-market transformation in the 1990s still affects the country today, and it is the role of the president and the government, among other authorities, to do everything in their power to help heal those wounds.”

At the same time the new constitution for business was presented by the Development and Finance Minister Mateusz Morawiecki, during the meeting of the Council of Ministers. As Mr. Morawiecki said “it is set to be a collection of rights and protection guarantees for entrepreneurs.” The details should be revealed during Rzeszów’s congress.

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and more

Hungary

Hungary’s corporate tax rate will be lowered to a flat 9 per cent starting from 2017. The decision was announced by the Prime Minister Viktor Orbán. According to Hungarian PM the rate will apply to big companies, as well as small and medium-sized firms. Currently the corporate tax rate is 10 per cent on a tax base up to HUF500m (EUR1.6m) and 19 per cent over that.

Politics.hu reports the Economy Minister Mihály Varga informed that the move would save companies HUF145bn. At the same time Mr. Orbán informed Brussels does not currently support his plans to reduce the VAT rate on internet services from 27 per cent to 18 per cent next year and to 5 per cent from 2018.

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Russia

Novinite.com informs Russia has banned the use of the professional social network LinkedIn. “Telecommunications regulator Roskomnadzor included the name LinkedIn in the list of violators of the rules for the protection of personal data of Russian citizens and ordered internet service providers in the country to block access to the network,” writes Novinite.com.

According to Russian legislation all sites which collect personal data of Russian citizens must use servers located in Russia for this purpose.

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What’s up in indexes

BUX (of Budapest) dropped by 0.11 per cent – falling from 29972.83 index points Wednesday, November 16thto 29941.07 index points Thursday, November 17th. From year-end it’s up 25.17 per cent.

BET (of Bucharest Stock Exchange) was up 0.21 per cent d/d – increasing from 6843.14 index points Wednesday, November 16th to 6857.62 index points Thursday, November 17th. So it dropped by 2.06 per cent.

The bourse of Prague was closed November 17th.

WIG20 (of Warsaw) dropped by 0.92 per cent – falling from 1758.54 index points Wednesday, November 16th to 1742.39 index points Thursday, November 17th. From year-end it dropped by 6.28 per cent.

OMXT (of Tallinn) was up 0.21 per cent – increasing from 1029.99 index points Wednesday, November 16th to 1032.17 index points Thursday, November 17th. From year-end it’s up 14.81 per cent.

OMXR (of Riga) was up 1.80 per cent d/d and up 24.72 per cent from year-end. It increased from 728.21 index points Wednesday, November 16th to 741.29 index points Thursday, November 17th.

OMXV (of Vilnius) dropped by 0.24 per cent d/d – falling from 559.05 index points Wednesday, November 16th to 557.71 index points Thursday, November 17th. From year-end it’s up 14.76 per cent.

SAX (of Bratislava) dropped by 0.02 per cent – falling from 314.43 index points Tuesday, November 15th to 314.37 index points Wednesday, November 16th. From year-end its’ up 7.53 per cent.

SOFIX (of Sofia) decreased from 534.48 index points Wednesday, November 16th to 533.51 index points Thursday, November 17th. So it dropped by 0.18 per cent d/d. From year-end it’s up 15.75 per cent.

UX (of Kyiv) dropped by 0.83 per cent d/d – falling from 804.64 index points Wednesday, November 16th to 797.93 index points Thursday, November 17. So it’s up 16.34 per cent.

CROBEX (of Zagreb) was up 0.54 per cent – increasing from 1964.72 index points Wednesday, November 16th to 1975.42 index points Thursday, November 17th. From year-end it’s up 16.91 per cent.

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