Polish Parliament Approves Banking Levy to Help Fund Benefits
- New bank tax will bring 4.4 billion zloty to Polish budget
- Banks and insurers will start paying new tax from Feb. 1
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Poland’s parliament approved a tax on financial institution assets on Wednesday, part of the government’s plan to raise funds for new child subsidies.
Banks and insurers will pay a rate of 0.44 percent on their assets annually which will bring 4.4 billion zloty ($1.1 billion) to the budget this year. Parliament’s lower house on Friday approved changes made by the upper chamber, setting a limit for insurers’ assets excluded from the tax at 2 billion zloty at the group level. Unlike banks, insurers will include government bond holdings in their taxable assets.