Poland’s MinFin expects at least PLN 4.8 bln from new bank tax in 2016

Poland’s Finance Ministry expects the new bank asset tax will bring in at least PLN 4.8 bln in 2016 versus PLN 5.5 bln included in the 2016 budget bill, deputy Finance Minister Konrad Raczkowski told PAP.

“In our opinion calculations are lower . . . In total, with banks, SKOK, insurers and reinsurers [receipts] will amount to PLN 4.8 bln for 11 months of 2016,” Raczkowski said. “It is the lowest possible amount under this construction of the tax.”

The tax base will be kept as assets over PLN 4 bln, Raczkowski also said.

“I don’t think the tax base will change, we don’t have any reservations as to the mechanism of calculating the tax,” the deputy minister said. “The PLN 4 bln [assets threhold] amount seems to be the right level.”

The draft bill introducing a tax on all assets over PLN 4 bln held by financial institutions, at 0.0325% monthly for banks and 0.05% monthly for insurers, is being discussed in parliament on Wednesday. The levy is to be implemented as of February 1, 2016.

Poland has budgeted PLN 5.5 bln from the new tax in 2016, the Finance Ministry said on December 14.

seb/ ami/ maf

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