KGHM among the largest payers of CIT into the state budget
Thursday, 02 November, 2023
The KGHM tax group paid about PLN 1.3 billion in CIT to the state budget for 2022. The company is among the top taxpayers - tax groups among state-owned companies.
For years, the KGHM Group has been at the top of the list of the largest CIT taxpayers prepared by the Ministry of Finance. The Ministry recognizes the payers with special diplomas each year. KGHM pays income tax as the KGHM II Tax Group. The Ministry of Finance emphasizes the contribution of the state-owned companies to Poland’s budget, which is in very good shape. Since 2015, the annual budget revenues have increased by more than 100 percent.
“In thanking you for the award, I especially want to emphasize the exceptional work of all state-owned companies that make a significant contribution to the state budget. The budget that benefits all of us. Thanks to the revenues, Poland has recently been investing in infrastructure development, education, and health on an unprecedented scale. These are key issues for citizens, but also key areas for the development and economic strength of the country. KGHM is part of this success,” said Tomasz Zdzikot, CEO of KGHM Polska Miedź S.A.
Tomasz Zdzikot added that thanks to its investment plans and innovative solutions, KGHM has become a key player in the Polish raw materials market, which would not have been possible without the support of key ministries, including the Ministry of State Assets.
Mateusz Wodejko, KGHM’s CFO, also emphasizes the important role played by state-owned companies in Poland’s long-term development. “Their activities are of fundamental importance to a variety of economic sectors, from energy and heavy industry to the financial sector and public services. Through their strategic investments, these companies not only contribute to the creation of new jobs, but also stimulate innovation, research, and development, thus contributing to the strengthening of Poland’s international competitiveness,” he said.
The Ministry’s list of companies concerns to the returns of individual companies whose revenue exceeded EUR 50 million and to taxpayers that are tax groups (TGs). KGHM paid nearly PLN 750 million to the state budget in 2020 and more than PLN 1.4 billion a year later. The company also pays a tax for mining certain minerals. In 2021, it amounted to more than PLN 3.5 billion and a year ago - to more than PLN 3 billion.
It is worth noting that KGHM also pays local taxes to the local governments of the Copper Belt, where most of its divisions are located. In 2022, they amounted to more than PLN 300 million. On the other hand, the amount of property tax paid in the region was more than PLN 230 million.
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