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CHAIRMAN’S INSIGHTS

Think global, act local

The Government of Spain has approved a number of legislative measures, above all of a fiscal nature, which companies should take into account in their activities. Below we outline the most significant.

Personal income tax (IRPF)

Income from wages: The withholding tax brackets on income from personal employment stablished at beginning of the current year has been reduced.

For business expansion in Europe, smart investment is moving east. As the largest economy in Central and Eastern Europe and sixth strongest market in the European Union, Poland is one of the key markets of EU member countries and part of the Schengen area. Not only that, but the Polish economy is the only one to have avoided recession during the global downturn of 2009, establishing itself as one of the most reliable in CEE.

It is predicted that the economy of Poland will join the G-20 list of those largest in the world by as soon as 2022. It’s not difficult to see how, seeing the country has almost doubled its GDP over the last two decades. Between 2008 and 2011, the country enjoyed a cumulative growth of nearly 16 per cent, while, according to the European Commission, the region’s GDP is due to increase by over 1.4 per cent in 2014 and 2 per cent in 2015. That means an expected economic growth in Poland of 2.5 per cent and 2.9 per cent over the next two years.

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