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Poland's new innovation law takes effect

Xinhua, November 24, 2016 Adjust font size:

Polish President Andrzej Duda on Wednesday signed an innovation act into law which aims to increase profits for innovative businesses and encourage the creation of start-ups.

At the signing ceremony, Duda remarked that the new law will offer support for enterprisers and scientists involved in technological innovation.

"Raising the level of innovation will improve the functioning of the Polish economy, Polish science, and above all, improve our position in the world in terms of capital expenditure in the business and its the effects of innovation," said Duda.

The new innovation law also encourages the commercialization of research findings, he added.

The law, which was passed by Parliament two weeks ago, allows businesses to deduct their expenses on research and development for an increased period of time.

It also allows for a cash refund for new companies, and abolishes income tax on intellectual property, among other things. Endit