• Mezzanine funds - a financing instrument between debt and equity sale.

    Mezzanine capital is a hybrid method of financing a company featuring the characteristics of both equity and borrowed capital. It entails (most often) a long-term, 5-7 year loan. As against a bank loan, mezzanine is characterised by one-off debt repayment, which takes place at the end of the loan period. The institution offering mezzanine receives only the interest over the course of the loan period, at a rate close to that of an ordinary debt.
  • New law on foreigners


    A new law on foreigners (Journal of Laws of 2013, item 1650) comes into force on May 1st 2014 changing the rules of granting temporary residence permits to foreigners (previously referred to as "residence permit for a definite period"). The new law introduces EU regulations to the Polish legal order, rescinding the hitherto binding law of June 13th 2003 on foreigners (consolidated text: Journal of Laws of 2011, No. 264, item 1573), whose provisions, due to multiple amendments, had become unclear.

  • Income taxation of controlled foreign companies - the prospects of further tax optimization


    Taxpayers' striving for maximising profits while minimising regulatory liabilities by creating foreign organisational structures is soon going to be considerably hampered by the legislator. Over the recent several months, the Parliament of the Republic of Poland and the Ministry of Finance have been independently of each other undertaking a series of actions oriented towards combating tax avoidance.

  • Changes in Labour Code – work on Sundays and public holidays


    In principle, work on Sundays and public holidays is prohibited. There are, however, exceptions to this rule. The range of the admissible types of work is included in art. 15110 of the Labour Code.

  • Issue of wage discrimination in international companies


    On 22 November 2012, the Supreme Court issued a verdict on the differentiation of wages of employees of other than Polish nationality who are performing same or comparable work as Polish nationality employees (I PK 100/2012).

  • Mergers and Acquisitions market in the coming year


    After two years' doldrums on the M&A market, the projected economic growth and gradual upturn of the economy may prove to be key factors favouring acquisitions in the coming year.