Abstract:

The article presents the analysis of changes in tax efficiency of companies listed on the Warsaw Stock Exchange. After 2017, some changes to the tax law aiming at tightening the regulations on an unprecedented scale were introduced. These changes caused a radical decrease in the tax efficiency of enterprises. On average, in Z018~ZO19, the efficiency dropped by 17.7%, the median by 14.8% compared to the previous years. In 2018 and 2019, the value of the current effective tax rate was the highest in the entire analyzed period, i.e. from 2012 to 2019. The decline in tax efficiency is permanent, the propensity of companies to create tax deferred assets has been falling, and the effective tax rate has also been growing. The changes mainly concern companies with average tax efficiency, large entities forming capital groups and companies implementing capital investments. The article presents a discussion on the observed trends and formulates directions for further research.