Finance Vice Minister Artur Soboń has announced plans to amend the law on the so-called Belka tax (capital gains tax). According to the media:

  • the changes are supposed to enter into force on 1 January 2024;
  • a tax-free amount of PLN 10,000 is being considered;
  • the rate of the tax would go up from 19% to 20%;
  • the amendments should be favourable or neutral for those whose capital gains are up to PLN 200K annually, and adverse to those with capital gains above that level.

Implementation of the changes may be challenging, for example due to the need to:

  • adjust IT systems of banks and of the National Revenue Administration;
  • develop precise rules on how to identify the tax free amount and the party liable (financial institution vs. customer), e.g. where customers hold diversified portfolios with different institutions, including instruments with different maturities.

The matter should continue to be analysed in the coming weeks and public consultations are planned for December 2022, with an official draft regulation to be adopted by the cabinet in February 2023. We will keep you posted on these developments.

If this issue pertains to your business and you are interested in our assistance, please contact us.

This blog post is provided for general information purposes to keep you up-to-date with changes in tax law, tax rulings by authorities, case law of courts and interesting commentaries. Doradztwo Podatkowe WTS&SAJA shall not be held legally liable for any acts or omissions resulting from reliance on such information.