PiS government`s law 2 - tax on banks

[Bonobo]

Experts warn that the new taxation of banks will raise individual clients` costs and make some bank staff redundant.


Sejm passes bank tax to raise over PLN 4 bn
30.12.2015 08:56
Poland’s lower house of parliament has approved a “bank tax” which will see financial institutions pay 0.44 percent of their assets over certain tax-free thresholds.

The bill was proposed by the governing Law and Justice (PiS) party.

“Bank taxes have already been introduced in a majority of EU countries, and many other countries around the world. In this sense we are only doing the same as other countries, including the birthplace of capitalism – the UK,” commented the Minister of Development Mateusz Morawiecki.

The Polish bank tax will apply to all assets over the threshold of PLN 4 billion (EUR 0.94 billion) held by banks and credit unions, a threshold of PLN 2 billion (EUR 0.47 billion) for insurers and reinsurers, and PLN 200 million (EUR 47 million) for other lenders.

PiS have claimed that around PLN 4.4 billion (EUR 1.04 billion) a year will be raised by the tax, which will help fund projects such as newly-announced child benefit payments and lowering the retirement age.

A total of 248 MPs voted in favour of the proposal, which included most MPs from the opposition Kukiz’15 and the Polish People's Party (PSL), while 157 from Civic Platform (PO) and Modern Poland voted against.

An MP from Kukiz'15, Rafał Wójcikowski, commented that his party supported the proposals although he believes the government could have gone further in taxing the banks, and that there is scope for raising the tax next year.

However MPs from both PO and Modern Poland rejected the proposed tax, claiming that it could be passed on to the banks’ customers. Modern Poland MP Paulina Hennig-Kloska suggested that groups such as young families could be particularly affected if the interest rates on loans go up in response to the tax.

Minister Morawiecki argued earlier that this would not happen given a large degree of competition in the banking sector, which could prevent the tax from being passed on.
- See more at: www.thenews.pl/1/9/Artykul/234731,Sejm-passes-bank-tax-to-raise-over-PLN-4-bn#sthash.o2ReYTZL.dpuf

[Bonobo]

Heads to roll at PKO BP after fee increase
29.01.2016 14:52
Poland's Treasury Minister on Friday said changes would be made to the supervisory board of the country’s largest bank, state-controlled PKO BP, after it announced a fee hike.
The PKO BP headquarters in Warsaw.


Dawid Jackiewicz said the bank’s decision to raise fees from 1 May “has nothing to do with” a bank tax that Poland’s new Law and Justice (PiS) government plans to introduce.

The tax is designed to help the PiS government, elected in October, to deliver on a swathe of generous spending promises. Critics said banks would pass the new tax on to customers.

In the run-up to the 25 October general election, PiS positioned itself as a party that champions ordinary people rather than the economic elite.

Jackiewicz told reporters: "It's hard to argue with the decision of the [PKO BP] bank, which gives the impression of being a routine decision.. and which has little in common – actually, has nothing to do with - the bank tax."

However, he added: “We believe that the justification for these types of increases, for such changes in margins and fees, should be communicated earlier to the public, to clients and perhaps also to shareholders.”

The treasury ministry would soon call a shareholders meeting and “and there will be changes to the supervisory board” of PKO BP, Jackiewicz said.
- See more at: www.thenews.pl/1/12/Artykul/238585,Heads-to-roll-at-PKO-BP-after-fee-increase#sthash.S3vzt5mb.dpuf