The government took on the worst tax. What does this mean for Poles?

Capital gains tax has been controversial for years and has been referred to by many as a “savings penalty.” Now the government has submitted a draft bill to the Sejm, which provides for a partial departure from the current rules and the introduction of new reliefs for people saving and investing.

According to CBOS data, as many as 46 percent Poles have no savings. One of the reasons given by citizens is the capital gains tax. The Ministry of Finance wants to encourage investing by creating Personal Investment Accounts (OKI).

Belka’s tax. The government is proposing new exemptions

The capital gains tax has been in force since 2002. Initially, it was temporary and amounted to 20%. Over time, the rate was reduced to 19 percent and the scope of taxation was expanded.

Currently, the tax covers, among others: interest on deposits and bank accounts, dividends, income from investment funds, sales of stocks and bonds, shares, financial instruments and profits from trading in virtual currencies. According to data from the Ministry of Finance, revenues from this tax amount to several billion zlotys each year.

The new solution is intended to encourage saving

The project envisages the creation of Personal Investment Accounts, which are to enable free saving and investing. According to the proposal, savings assets up to PLN 25,000. PLN are to be exempt from tax, while in the case of investment assets, the exemption limit is to be PLN 100,000. zloty.

Investment assets are to include, among others: shares, bonds, investment funds, investment certificates and selected pension products. After exceeding the limits, the surplus would be subject to a new tax rate of approximately 0.8-0.9%. asset value. According to the project, in 2027 the rate would be 0.85%.

The bill has already been submitted to the Sejm

OKI is to be offered by banks, brokerage houses, investment funds, insurance companies and voluntary pension funds. Account opening, deposits and withdrawals will be free of charge, and tax settlements will be carried out via the e-Tax Office.

The project assumes that new regulations will enter into force on January 1, 2027. From 2030, the amounts of assets exempt from taxation will be additionally adjusted for the inflation rate from the first three quarters of the previous year.

The proposal was positively assessed by the Bank Guarantee Fund, pointing out that it could support the development of long-term savings and the capital market. In turn, the Lewiatan Confederation concluded that the project was heading in the right direction, although it remained too complicated and may not be attractive to some investors.