What next with Belka's tax? The deputy minister says what stage the work is at
Belka's tax exemption will apply to income from savings term deposit accounts and bonds included in a separate savings package, kept separately for bonds and term deposits, wrote Deputy Minister of Finance Jarosław Neneman in response to a parliamentary interpellation.
One of the MPs asked the Minister of Finance in an interpellation whether the ministry he headed was working on changes in the so-called Belka tax, i.e. capital gains tax, which reduces the profit from deposits and savings accounts. Deputy Minister of Finance Jarosław Neneman admitted that work is ongoing. “The proposal included in the project assumes that tax-free amounts of income (income) from savings and capital investments will be introduced,” he said.
What next with Belka's tax?
“In the case of savings, the tax exemption will apply to part of the income (income) – up to a specified annual limit – from savings term deposit accounts and from bonds with a maturity of at least one year, which will be recorded in a separate savings package, kept separately for bonds and separately for term deposits,” explained the deputy minister.
How is Belka's tax exemption supposed to work? “The taxpayer will be able to accumulate savings only in one separate savings package of bonds or one separate savings package of term deposits. A separate savings package may be run by a financial institution (bank, credit union or branch of a foreign bank) based in the territory of the Republic of Poland,” Neneman wrote.
Changes in personal income tax
The Deputy Minister also informed that the annual amount of exemption for income from savings accumulated in a separate savings package of bonds or term deposits, as well as the annual tax-free amount on income from capital investments, will be determined in the announcement of the Minister of Finance for each calendar year.
“We propose that each of these amounts should be the product of the NBP deposit rate on the last day of the third quarter of the year preceding the tax year and PLN 100,000. PLN (currently it would be PLN 5,250),” wrote the deputy minister.
Neneman also dispelled possible doubts about whether the Ministry of Finance is working on changes in other areas of personal income tax.
“Currently, the Ministry of Finance is not planning any other changes, apart from those described above, in the principles of personal income tax on income (income) from monetary capital,” he wrote.
