Biznes Fakty
Bank profit tax. The ministry responds
The Ministry of Finance has declared that there are currently no plans to implement a tax on excessive bank profits.
„We are not presently undertaking analyses or discussions regarding the introduction of a tax on excessive bank profits,” stated the Ministry of Finance in reply to inquiries from PAP Biznes.
Tax on Financial Institutions
Since 2016, entities within the banking sector (including domestic banks, branches of foreign banks, credit institution branches, and cooperative savings and credit unions) have been subjected to a tax on certain financial institutions, as noted by the Ministry of Finance.
„The primary aim of implementing this tax was to enhance the financial sector’s contribution towards financing budgetary expenditures and, as a result, to amplify its involvement in these expenditures,” the ministry explained.
„In 2024, all taxpayers under the tax on certain financial institutions are expected to declare a total tax liability of around PLN 6.5 billion. It is noteworthy that taxpayers from the banking sector account for approximately 88 percent of this total, equating to about PLN 5.8 billion,” the Ministry of Finance reported.
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Income Tax for Banks
„Additionally, in 2024, banks are projected to contribute nearly PLN 13 billion in corporate income tax, making them the largest taxpayers in the country. Furthermore, the profits generated by banks greatly support the state budget in various ways, as banks under the control of the State Treasury represent over half of the banking sector’s assets,” the ministry added.
The Ministry observed that an analysis of the banking sector’s financial performance indicates that these results stem from the current interest rate levels and are merely temporary.
„In conclusion, there is presently no initiative underway to introduce the so-called tax on excessive bank profits into the Polish taxation framework, and the Ministry of Finance’s analytical efforts are concentrated on enhancing the effectiveness of the existing tax system,” the ministry stated.
According to data from the National Bank of Poland, the net profit of the banking sector for the January-December 2024 timeframe reached PLN 42 billion, reflecting a 51.9% increase compared to the previous year.
