Finance
Poland's JSW renews bid for $444 million tax refund amid liquidity squeeze
Published by Global Banking & Finance Review®
Posted on July 3, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 3, 2025
2 min readLast updated: January 23, 2026
JSW renews its $444 million tax refund request, citing liquidity issues and challenging the solidarity levy as double taxation.
GDANSK (Reuters) -Polish state-controlled coal miner JSW renewed on Thursday its request for a 1.6 billion zloty ($443.6 million) refund of the "solidarity levy", a windfall tax on excess profits, as it faces mounting losses and a liquidity crunch.
JSW argues that the retroactive tax on income, which it paid during 2023 and 2024, violates legal principles and results in double taxation. It says that instead of windfall profits from high energy prices, it faced significant electricity costs.
The company had previously sought a refund in April, but the Ministry of Climate and Environment declined in June to initiate proceedings, stating it lacked the authority to assess the levy's constitutionality.
As of 1115 GMT, JSW's shares were trading 8.7% higher, on track for their biggest daily rise since January 2024 if the gains hold.
Erste Group analyst Jakub Szkopek said that while JSW is seeking to improve its liquidity through the refund, its financial situation remains challenging.
"The (share) reaction is speculative and positive, but we must remember that the current situation is not the best," Szkopek told Reuters, adding that low coking coal prices and a strong Polish zloty against the U.S. dollar remain problematic for the company.
JSW is the European Union's largest producer of coking coal, one of critical raw materials on EU's list and essential for steel production.
($1 = 3.6069 zlotys)
(Reporting by Rafal W. Nowak, editing by Milla Nissi-Prussak)
JSW has renewed its request for a 1.6 billion zloty ($443.6 million) refund of the 'solidarity levy', a windfall tax on excess profits.
JSW argues that the retroactive tax violates legal principles and results in double taxation on income paid during 2023 and 2024.
JSW had previously sought a refund in April, but the Ministry of Climate and Environment declined to initiate proceedings, stating it lacked the authority.
As of 1115 GMT, JSW's shares were trading 8.7% higher, indicating a positive market reaction, although analysts caution that the company's financial situation remains challenging.
JSW is the European Union's largest producer of coking coal, which is essential for steel production and listed as a critical raw material.
Explore more articles in the Finance category
