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A Distributed Profits Tax in Poland
The Polish government has considered replacing its traditional corporate income tax with a distributed profits tax (DPT).
Poland’s current corporate tax system distorts investment by reducing the level of investment, the distorting the type of investment, and its form of financing.
Based on original economic modeling, the reform would reduce marginal effective tax rates on new investment, reduce distortions across types of assets and forms of financing, and, as a result, boost investment, wages, and economic output. Full implementation would increase long-run GDP by 2.3 percent, investment by 3.3 percent, and wages by 2.0 percent.
The reform would be especially important for risky investments, or those that do not immediately pay off for investors. Under current law, the Polish system penalizes this form of investment much more than most other countries in the Organisation for Economic Co-operation and Development (OECD).
We estimate that the distributed profits tax would reduce corporate tax revenue by PLN 36.7 billion per year, or 1.6 percent of GDP. However, total Polish revenue would decline by less than that, PLN 24.8 billion per year, in the long run after considering the economic impact of the reform.
Poland’s current corporate tax system distorts investment by reducing the level of investment, the distorting the type of investment, and its form of financing.
Based on original economic modeling, the reform would reduce marginal effective tax rates on new investment, reduce distortions across types of assets and forms of financing, and, as a result, boost investment, wages, and economic output. Full implementation would increase long-run GDP by 2.3 percent, investment by 3.3 percent, and wages by 2.0 percent.
The reform would be especially important for risky investments, or those that do not immediately pay off for investors. Under current law, the Polish system penalizes this form of investment much more than most other countries in the Organisation for Economic Co-operation and Development (OECD).
We estimate that the distributed profits tax would reduce corporate tax revenue by PLN 36.7 billion per year, or 1.6 percent of GDP. However, total Polish revenue would decline by less than that, PLN 24.8 billion per year, in the long run after considering the economic impact of the reform.
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