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Belka’s tax to be changed. How much can you gain. Example. Calculations

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Minister of Finance Andrzej Domański announced changes to the capital gains tax, i.e. the so-called Belka tax. What will their introduction mean for a person who has a bank deposit? Explains Piotr Juszczyk, chief tax advisor of InFakt.

Ministry of Finance is preparing changes to the so-called Belka tax. – We are working on the capital gains tax and we will keep our commitment to limit it – assured Minister of Finance Andrzej Domański in an interview with “Puls Biznesu”.

Read more: Minister on changes in Belka’s tax >>>

Belka tax – how much is it?

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Capital gains tax was introduced in 2002. Initially, it only concerned interest on bank deposits and deposits, but in 2004 it began to cover all income from capital investments.

Capital gains tax is 19%. It applies not only to savings in banks, but also to capital income, i.e. profits from investments, among others. in shares, bonds, capital funds, dividendssavings deposits and loans.

The Belka tax is one of the simplest taxes applicable in Poland, as it does not apply to any reliefs, thresholds or tax-free amounts. To calculate the tax on profits on the stock exchange, simply multiply the amount of income obtained by 19%. Income from capital gains is the amount obtained by the taxpayer without deducting the costs of obtaining it.

Read more: When do you have to pay Belka tax >>>

What did the minister announce regarding Belka’s tax?

The head of the Ministry of Finance announced that in the case of deposits lasting longer than one year, income (interest) corresponding to “the value resulting from multiplying PLN 100,000 by the NBP deposit rate (currently 5.25 percent – ed.), applicable on the last day” would be exempt from tax. third quarter of the year preceding the tax year.

– We are still wondering whether it will be the deposit rate or some multiplier of it. It will certainly be no less than 2.5 percent, even if the deposit rate drops, we want the tax to be limited when saving in the banking sector on deposits, announced the head of the Ministry of Finance in an interview with the newspaper.

Domański also shared what investors can count on when investing on the stock exchange or through investment funds.

– With respect to income from other financial instruments – such as shares, bonds or participation units in funds – a de facto tax-free amount will apply in a given year, also calculated as the product of PLN 100,000 and the deposit rate or its multiplier. In this case, we will not require you to hold the investment for a specific period of time. I would like the multiplier to be as high as possible, but in this respect I must take into account budget constraints, the minister pointed out.

– I would like to emphasize that taxpayers earning income will be able to benefit from both preferences at the same time, this means that there will be a separate limit for savings in the form of deposits and a separate limit for investments, i.e. for income from capital settled in the annual PIT-38 return, for example stock exchange – announced Andrzej Domański.

Changes in Belka’s tax. How much can you gain

According to Piotr Juszczyk, the chief tax advisor at InFakt, Domański’s proposal “is different from the previously discussed concepts.” – The idea of ​​establishing a uniform tax deduction amount for each taxpayer is reasonable, but I have some concerns about the complexity of the process of calculating exemptions and the possible reduction of the value of deductions in the future due to changes in interest rates – Juszczyk said.

– The proposal is based on a tax-free amount of PLN 100,000. PLN, but unlike other concepts, this amount is the basis for calculating tax-free interest, and not a direct exemption of interest up to this amount. This means that the actual exemption applies to interest calculated on the basis of this base amount, using the deposit rate from the previous year, which in 2023 was 5.25%. – explained the expert.

As he added, in the case of a deposit of PLN 100,000 PLN with an interest rate of 6%. interest in the amount of PLN 6,000 (6% of PLN 100,000) will exceed the tax-free amount for 2024 (PLN 5,250 – 5.25% of the amount of PLN 100,000 indicated by the Ministry of Finance), which means that the tax will be paid on difference, i.e. from PLN 750. So it will be PLN 142.50.

Currently, in the case of such a deposit, the tax would amount to PLN 1,140 (19% of PLN 6,000).

In practice, with larger deposit amounts, the savings may reach approximately PLN 1,000 per year.

Minimum deductible

The expert draws attention to an important aspect of the solution prepared by the Ministry of Finance, which is the minimum deduction. – The proposal assumes that the exemption will not be lower than 2.5%. from 100 thousand PLN, which means the minimum tax deduction would be PLN 2,500 – pointed out Piotr Juszczyk.

The next issue is the time condition. As explained by InFakt’s chief tax advisor, “to benefit from the exemption, the investment in the deposit must last longer than 1 year”, and “this limitation does not apply to investments in other financial instruments, such as shares”.

This concerns the additional tax exemption announced by Andrzej Domański for financial instruments other than deposits.

– The Ministry of Finance is considering introducing an independent exemption limit also in the amount of PLN 100,000. PLN, e.g. for shares, which allows you to invest your savings in a diversified way – both in deposits and on the stock exchange. In the current situation, the exemption could amount to up to PLN 10,500 (2x PLN 5,250). The second limit, i.e. the one from the stock exchange, would no longer have the condition of investing for at least one year, Juszczyk explained.

Belka’s tax and “100 specifics”

Changes in the so-called Belka’s tax, i.e. capital gains tax, were announced in the Civic Coalition’s election program “100 specifics for the first 100 days of government”.

KO indicated that it would propose abolishing this tax for savings and investments, including on the Warsaw Stock Exchange, up to PLN 100,000. PLN and over one year.

Main photo source: PAP/Radek Pietruszka

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