As far as changes for VC funds are concerned, double taxation of income earned by venture capital funds for investors has been successfully eliminated. As of the new year, Alternative investment companies (ASI) do not pay income tax on earnings from the sale of shares or stocks. The tax will be paid only once by investors (recognised in PIT or CIT return).

The change which eliminates double taxation for ASI: “Pursuant to Art. 8(7)(b) of the Act, certain changes in Art 17(1) of the Act of 15 February 1992 on Corporate Income tax are introduced so that section 58 is followed by 58a according to which income (revenue) of alternative investment companies earned in the fiscal year from the sale of shares or stock shall be tax-free as long as the alternative investment company which disposes the shares or stock directly held before the disposal date at least 10% of the shares or stock in the company whose shares or stock are being sold for a continuous period of two years;"

Detailed information on amendments to the Act: “Elimination of double taxation for ASI is a solution that we have been advocating for a long time”, says Tomasz Golinski, Founding Partner at CofounderZone. “We believe that proposed changes will attract investors' attention, especially of those active on private equity market”, adds.

CofounderZone is a manager of alternative investment companies registered in the register of alternative investment company managers maintained by the Polish Financial Supervision Authority (FSA). “The first ASI that we have established is an entity that acquired Polish Development Fund (PFR Ventures) as a cornerstone investor. The investment strategy of this ASI focuses on co-investments with angel invests in early and growth stage companies. We expect to establish following alternative investment companies in the upcoming future”, says Michal Sioda, Founding Partner at CofounderZone.