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Following the Polish general election on 25 October 2015, the newly elected Polish Government is, we understand, considering two options for introducing a new “bank tax”.
The first is a bank levy style tax set at 0.39%. The other option is the introduction of an FTT with effect from 1 January 2016. We understand that a draft bill for the proposed FTT has been prepared which sets the rates at:
- 0.14% for equities
- 0.07% for derivatives, based on notional value
It remains uncertain as to whether or not an FTT will actually be introduced in Poland as the draft bill has yet to begin the legislative process.
A clearer direction should emerge following the first session of the newly elected parliament. A date for this first session has not yet been officially announced, although should be between 9 and 24 November 2015. Should the proposal to introduce an FTT be adopted, this would mean there would only be a short period until the implementation date of 1 January 2016, unless this intended start date is delayed.
This proposal to introduce a Polish FTT comes despite Poland not being a participant in the EU FTT project. Discussions on the EU FTT continue between the participating member states.
We will continue to keep you updated on all material developments.