A new tax on financial transactions could add PLN 1.7bn to the state budget, according to the Law and Justice (PiS) party, which wants to introduce the European Union’s FTT regulations on the Polish market. The new tax law is expected to be rolled out by the majority of EU countries by the end of next year. In Poland, the tax rate would be 0.14 percent. The new tax could encourage long-term investment, which will help pay off the national debt, according to the Tax Policy Center. On the other hand, the new tax could reduce the number of short-term speculative transactions and hurt some economic sectors, warn market watchers.
It’s the latest proposal from PiS that will directly impact the Polish financial market. Earlier this year, the party said it wanted to implement a new tax on banks assets, at rate of 0.39 percent. PiS estimates this new law could add another PLN 5bn to the budget.
