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The tax rate is 0.0366% of the tax base monthly, which implies an additional tax burden of almost 0.44% annually on the taxed assets. The new banking tax should start shoring up the state’s finances in March 2016. At first glance less than half a percent may not seem high, but in nominal terms it will yield significant amounts. An explanatory memorandum to the bill noted that the estimated revenues from this tax in 2016 would be PLN 6.5–7.0 billion (about EUR 1.47–1.59 billion). It must be stressed that the new fiscal burden is not deductible, and therefore its impact on the profit of banks and other financial institutions will be felt more strongly by the financial sector. According to the most sceptical forecasts, the banking tax will completely absorb the net profit of the least profitable banks, while slightly more optimistic ones estimate that the net profit of banks most affected by the new tax will be reduced by around 80%, assuming that the new fiscal burdens are not passed on to the banks’ clients.
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