POLISH GOVERNMENT REVEALED PLANS FOR A NEW TAX ON FINANCIAL INSTITUTIONS
According to the draft bill, the tax will be imposed on such financial institutions as domestic banks, branches of foreign banks, branches of credit institutions, cooperative savings and credit unions, insurance institutions or branches of insurance institutions.
The tax will be paid on the value of the assets of the financial institution exceeding PLN 4,000,000,000 and will be payable on a monthly basis pursuant to the tax rate of 0.0325% (in case of domestic banks, branches of foreign banks, branches of credit institutions, cooperative savings and credit unions) or 0.05% in case of remaining financial institutions covered by the tax.
The tax on the financial institutions will have purely proprietary character, i.e. the new regulations disregard whether or not a given financial institution is profitable. The tax on financial institutions will not be deductible for income tax purposes.
Although the draft of the bill was disclosed very recently, the Polish government aims to have the new legislation in force commencing on 1st February 2016.
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