What next with Belka’s tax? There is a coalition declaration

What next with Belka's tax?  There is a coalition declaration

“We will not only propose solutions to limit Belka’s tax, but we will also implement them,” said KO MP Andrzej Domański, tipped in the media for the position of Minister of Finance in the government formed by the Coalition, on Radio ZET.

Andrzej Domański is often tipped in the media as a candidate for the position of Minister of Finance. On Radio ZET he was asked, among others: about the so-called Belka’s tax, i.e. a levy on income from capital gains, e.g. dividends. “We will not only propose solutions to reduce Belka’s tax, but we will also implement them,” said Domański.

Elimination of the Belka tax

19 percent capital gains tax (e.g. on profits from investments) was introduced in 2002 by the government of the SLD-UP-PSL coalition. Its initiator was the then Deputy Prime Minister and Minister of Finance, Marek Belka. Although the future Prime Minister and President of the National Bank of Poland spent only eight months at Świętokrzyska 12 (the seat of the Ministry of Finance), his tax survived for over 20 years and for a total of eight Prime Ministers.

It is true that successive governments announced its liquidation, but regardless of who was in power, parting with the tax was difficult, if only due to the fact that it was an important source of state budget revenues. The data shows that last year was record-breaking, when almost PLN 6 billion flowed into the state coffers.

The abolition of Belka’s tax was included in the Civic Coalition’s election program. The group announced that it would be replaced with a tax on profits, which would cover savings and investments above PLN 100,000. zloty. Up to this amount, banks would not withhold tax.

Experts want to abolish the tax

Representatives of the capital market applaud the abolition of the tax. – The Polish capital market needs a strong impulse for further development. This is especially important now, when we face more and more competition from abroad, primarily in the form of investment funds from Luxembourg – said Małgorzata Rusewicz, president of the Chamber of Commerce of Pension Companies and president of the management board of the Chamber of Fund and Asset Management, in an interview with “Rzeczpospolita”.

– The so-called Belka’s tax was supposed to be a temporary solution and it’s high time to seriously talk about its liquidation or partial abolition for people who invest long-term – he adds.

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