On November 17, 2021, Pracuj.pl group, a leader in the digital recruitment market, operating in Poland, offering services to support the recruitment, retention and development of employees has published a prospectus with a view to conducting an initial public offering of the Company’s shares and their admission to trading on the main market of the Warsaw Stock Exchange. The offer covered up to 22,380,626 existing shares with each share having a nominal value of PLN 5 – representing 32.86% of the share capital. The maximum price has been set at PLN 82 per share.
Book building
Before the sale of shares takes place, the company conducts book-building, which is a key process in determining the share issue price. The book of demand thus involves the collection of non-binding information from potential institutional investors on their interest in acquiring the securities in question. The key stage affecting book building is the acceptance of subscriptions from potential investors, and on the basis of the interest in the offer the company determines the issue price and the final number of shares.
Subscription for shares
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A producer of free computer games does not earn money by selling them, but by advertising. Therefore, he pays a higher tax than the one who provides games for a fee – according to the interpretation of the director of the Polish National Tax Information.
As a result of this interpretation, the situation of producers (so-called developers) of paid and free games is diversified: the former are not entitled to the IP Box tax relief, the latter indeed are.
Premium games
The IP Box relief in Poland consists in taxing income from qualified intellectual property rights at a preferential rate of 5% of personal income tax or corporate income tax. It concerns, among others the income from fees or charges under the license agreement (Article 30ca (7) (1) of the Polish PIT Act and analogous Article 24d (7) (1) of the Polish CIT Act). In practice, therefore, a person who buys a game from the producer (developer) signs a license agreement with him.
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On August 24, 2018, the Polish Ministry of Finance published a draft act amending the act on personal income tax, the act on corporate income tax. One of the proposed changes was the introduction of preferential taxation of income from intellectual property rights (the so-called “IP Box” or “Innovation Box” relief).
Innovation Box – IP Box allowances – were introduced to the Polish Personal Income Tax Act (“PIT”) and to the corporate income tax (“CIT”) as a preferential form of taxation (preferential taxation of earned income) for entrepreneurs obtaining income from commercialization of intellectual property rights. Qualified intellectual property rights are obtained after submitting an application to the appropriate body – then it is possible to take advantage of this relief.
IP Box has been implemented in other countries, including: the Netherlands, Great Britain, Ireland, Luxembourg.
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The scale of international investment in Poland in recent years
According to analyses, 2021 a record year in terms of the number and value of investments in Poland. From the beginning of the last year, 402 investment support decisions were issued. By analogy, in the same period last year this was a difference of 56%. The value of investments in 2021 was approximately 17.3 billion PLN, which is an increase of 14% compared to the whole of 2020.
Since the beginning of the Polish Investment Zone (which is an instrument thanks to which one can obtain tax relief for the realization of a new investment, which can be used throughout Poland, regardless of the size of the company. Such support is granted to companies from the industrial and modern services sector), 1209 decisions on investment support have already been issued. 2021 declarations accounted for 33% of the total and were declarations of over 9500 new workplaces.
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Since Poland became the member of the European Space Agency in 2012, Polish space sector has been rapidly grooving.
Despite continuous development, Polish space companies focus mainly on niches. They manufacture high quality products mainly for the European Space Agency, as well as national agencies. An example of success in such a niche is Astronika, which regularly wins international tenders to provide specialised instruments for space agencies and private companies. One of its greatest achievements is the supply of parts for the penetrator mounted on the Mars Insight probe.
Until now, Polish companies have mainly been sub-suppliers of instruments, which were later assembled into a finished product by an integrator. Therefore, the main challenge facing entities of the Polish space sector is to advance in the supply chain and achieve higher margins.
The NewSpace revolution
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