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Belka’s tax will be limited. Andrzej Domański comments

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This must be done in a responsible manner, so that banks and brokerage houses are prepared for this process – said Finance Minister Andrzej Domański on Radio One, informing that the capital gains tax (Belka’s tax) “will certainly be limited”. As he pointed out, the Ministry of Finance wants to create a new system of savings incentives.

The so-called Belka tax, i.e. 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.

– Work is underway at the Ministry of Finance. As we said during the election campaign, the idea is to limit Belka’s tax and create a new system of incentives for saving, either on bank accounts or investing on the Stock Exchange. This must be done in a responsible manner, so that banks and brokerage houses are prepared for this process. I will talk about it, for example with the Polish Bank Association, to implement such solutions together – said the Minister of Finance.

The project will be presented in February

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As he added, “the capital gains tax, called the Belka tax, will certainly be limited.”

Domański previously announced that the Ministry of Finance would present a project on this matter in February.

Changes to the capital gains tax (the so-called Belka tax) were included in the so-called “100 Concretions”, i.e. the election program of the Civic Coalition. KO indicated then that it would propose abolishing this tax for savings and investments, including on the WSE, up to PLN 100,000. PLN, over 1 year.

Budget amendment

When asked about the amendment to this year’s budget, the Minister of Finance replied: “It (amendment – PAP) is possible. We still need to review the expenditure and revenue side.”

He added that the government would decide on a potential amendment in the coming months. – For now, we need to pass this budget act and it should happen as soon as possible – said the head of the Ministry of Finance.

On Thursday, the Sejm passed the budget act for 2024. State revenues are planned at nearly PLN 682.4 billion, expenses at PLN 866.4 billion, and the deficit is not to exceed PLN 184 billion. PLN 118 billion, i.e. 3.1%, was allocated for defense. GDP; PLN 192 billion will go to health care.

The Senate will consider the budget bill this week. If the Upper House proposes amendments, the bill will return to the Sejm. If the Senate does not propose changes, the bill will be sent to the President of the Republic of Poland for signature by January 29.

According to art. 224 of the Constitution (Chapter X “Public Finance”) President of the Republic of Poland may sign the budget law within seven days, or may ask the Constitutional Tribunal to assess the compliance of its provisions with the constitution. The Tribunal has a maximum of two months from the date of submission of the application to issue a ruling.

The Constitution also provides that if, within four months from the date of submitting the draft budget bill to the Sejm, it is not presented to the President of the Republic of Poland for signature, he may order the shortening of the term of office of the Sejm within 14 days.

Read also: Taxes 2024. When will it be possible to settle PIT?

Main photo source: PAP/Marcin Obara

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