Bank tax in Poland

Poland needs a bank tax as in our system banks may earn profits in the amount of 16 billion PLN. The government expects levy payments of about 6 billion PLN, this is a pretty simple and efficient solution.

A specialist from a Krakow university noted that introduction of bank tax with a rather high rate of around 0.44% in connection with possible interest rates cut made by Monetary Policy Council and the consequences of introducing an act on aid for CHF mortgage payers may lead to a situation when the bank system in Poland may be endangered and bank profits fall to nil.

Such situation calls for thorough observation and detailed financial analyses. Still, rating agencies need to observe and rate the economy of a given country objectively. Although the risk is substantial, tax changes should be introduced in our country. This will be better for our economy in the long run.

Such solutions as bank tax are used in EU countries, which is why Poland does not stand out. However, 0.44% is one of the bigger rates. Banks will certainly look for ways for tax optimization with respect to the bank tax. Most probably there will be attempts to move the bank assets to other countries for tax reasons.

You do not need to fear that the banks will transfer the costs related to bank taxes to clients. Competition among banks in Poland is very big, so none of the banks will take the risk of losing clients. Insurance companies, which have very large profits, have also been charged with the bank tax.

On 30 December 2015 the Sejm passed the bank tax act, which is to come into force as soon as 01 February 2016. According to the act, among the institutions that are to be taxed are: banks, insurance companies, savings and credit unions and loan companies.

For banks and savings and credit unions the amount of assets free of tax is to be 4 billion PLN, while for insurers 2 billion PLN, and for loan companies 200 million PLN.