Biznes Fakty
Tax on „manna from heaven”. Ministry speaks out
The Polish banking sector recorded unprecedented net profits in 2024, as noted in a parliamentary inquiry directed to the Ministry of Finance. Lawmakers are inquiring about studies and discussions regarding the implementation of a tax on excessive bank profits. The response was provided by the Secretary of State at the Ministry of Finance, Jurand Drop.
In April, MPs Anna Gembicka (PiS) and Jarosław Sachajko (Kukiz'15) submitted an interpellation to the Ministry of Finance, inquiring about the suggestion to establish a tax on excess bank profits, previously mentioned by Minister of Funds and Regional Policy, Katarzyna Pełczyńska-Nałęcz.
„Minister Pełczyńska-Nałęcz pointed out that the banks’ record profits, referred to as 'manna from heaven’, should be taxed, with the proceeds earmarked for defense initiatives. She also highlighted that the substantial profits of banks are not solely a result of elevated interest rates, drawing attention to the disparities in loan and savings interest rates in Poland compared to other European nations,” according to the interpellation.
Furthermore, it was stated, „the banking sector in Poland posted record net profits ranging from PLN 40.6 to 42 billion in 2024, indicating an increase of around 44.3% from 2023 (PLN 25.9 billion). The sector’s interest earnings from January to November 2024 reached PLN 157.99 billion (a year-on-year increase of 3.9%), while interest expenses decreased by 7.4% to PLN 60.94 billion, reflecting substantial banking margins.”
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In light of this, the lawmakers inquired whether the Ministry of Finance is evaluating the potential for instituting the aforementioned tax.
„Banks contributed nearly PLN 13 billion in income tax revenues”
The Ministry of Finance replied, clarifying that it „is not presently undertaking any analyses or consultations concerning the introduction of a tax on excess bank profits.”
It was added that „the analytical efforts of the Ministry of Finance are focused on ensuring the effectiveness of the currently existing tax system solutions.”
„Regarding the issue raised about the grounds for potentially implementing such a tax, it should be noted that the banking sector, as part of the financial sector, is already subject to a tax designed to enhance its contribution to financing budget expenditures, namely a tax on specific financial institutions,” was stated in the response to the interpellation.
It was also clarified that „because the banks are subject to this so-called bank tax, in 2024 they reported over PLN 6 billion in revenues just from this source.”
„Simultaneously, during the same year, banks generated almost PLN 13 billion in corporate income tax revenues, making them the largest contributor in the country. Additionally, the profits earned by banks greatly augment the state budget in various ways, given that banks managed by the State Treasury oversee more than half of the banking sector’s assets,” we noted.
The Ministry of Finance further observed that the assessment of the financial outcomes of the banking sector indicates that they are a consequence of the current interest rate levels and are only temporary.
At the end of March, Minister of State Assets Jakub Jaworowski remarked that imposing a tax on excess profits of banks was an unwise decision.
