After opening Friday's quotations, around 9.00 exchange rate, KGHM shares grew by 1.9 percent, up to PLN 124.5 per value. At that time, the WIG20 index, which includes a copper giant, increased by 0.4 percent. Around 9.15 the exchange rate grew by almost 3 percent, up to PLN 126.1 per share. Already on Thursday – in response to the Business Insider's reports on the announcement of tax changes planned for Friday – KGHM shares were expensive.
The Ministry of Finance proposed that in the first step, this three -year period, introduce a reduction in the factor in the formula for calculating the tribute from 0.85 to successively: in 2026 – 0.71, and in the next two years, in 2027 and 2028 – to 0.64. – according to our estimates, this means that revenues from this tax – and thus, burden for copper mining entities – will fall in 2026 by about PLN 0.5 billion; In the next two years – about PLN 750 million – said Minister Domański.
The applicable formula for calculating the tax rate (in the economic situation): tax rate = [0,033 × średnia cena miedzi + (0,001 × średnia cena miedzi)^3] × 0.85 (in 2025 the pattern applies when the average copper price exceeds PLN 23,878/t). For example, for an average copper price equal to PLN 37,660/t (March 2025), the tax rate is 8,454.46 PLN/t, indicated in the presentation during the conference.
– But this is obviously a temporary solution. We want to create a mechanism that will support investments in new windows. And that's why after 2028 we offer a tax deduction mechanism of the parts incurred by taxpayers of investment outlays those investment outlays that will be deducted will of course be included in the Act and it will be a catalog of eligible costs – said Andrzej Domański.
Currently, the amount of copper tax depends on the amount of copper extracted and the average copper price in a given month. As copper price increases, the tax is now growing more than proportionally. The second element is the so -called The multiplier, which has been used to change the amount of tax in the past. The current design makes KGHM fiscal burden, according to the Ministry of Finance, an important obstacle to creating new jobs and new mining power.
The ministry estimates that on the basis of a changed mechanism (i.e. the first three years) and the introduction of an element of eligible investment expenditure within 10 years tax revenues, and thus – lower costs on the side of copper mining entities – will amount to PLN 10 billion. This is based on the assumption of, among others current copper prices and mining as in 2024.
