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Changes in Belka tax. Not everyone will like it

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The civic coalition announced during the election campaign that it would abolish the Belki tax. We know more and more about what this will look like. The Treasury Department wants the tax exemption to become possible after savers meet a number of conditions.

In “100 specifics,” that is, in the election program, “Civil Platform” promised to cancel it. tax on capital gains, i.e. the so-called Belk tax. This fee was introduced more than 20 years ago as a way to “patch up the budget” after it became clear that there was a huge hole in the budget that threatened the stability of the state. The “father” of the tax is the then Minister of Finance Marek Belka.

Capital gains tax: how much is it?

The tax on profits from investments in shares, bank deposits, savings accounts, bonds and investment funds was supposed to be in place for several years, but since it is a permanent source of budget revenue, no subsequent government has decided to abandon it – although each has announced that will do this for the benefit of investors. The tax is 19 percent. profit: that is, if someone earns 100 zlotys on a deposit, he will receive only 81 zlotys. The remaining part was given to the state.

Forced separation from the state caused resistance, especially at a time when inflation far exceeded interest rates on deposits. Deposits and savings accounts did not protect savings or, at best, reduce their burden, so it was difficult to justify paying capital gains taxes in the absence of profits.

Yaroslav Neneman on how the Belka tax could change

The Ministry of Finance says it is working on changes to the tax, but anyone hoping that the tax will disappear completely will be disappointed. Deputy Minister Jaroslav Neneman, in response to a parliamentary question, explained what tax exemption might look like. To avail it, a taxpayer will be able to accumulate savings in only one separate bond savings package or one separate fixed deposit savings package.

A financial institution – a bank, credit union or branch of a foreign bank based in Poland – using a separate package of savings will not collect as a payer tax on income or income from time deposits or bonds up to the exempt amount. Above this amount, the financial institution, as the payer, charges 19%. flat rate of income tax, as at present.

So customers will have to choose a bank where they will save tax-free and stick with it. Please keep in mind that this is just an idea and the final design may look different.

Designed by: Martina Koska
Source: Directly
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Source: Wprost

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