Close 8,000,000,000 PLN It hit the train. two years to the state budget from the bank tax – according to the latest report of the Supreme Chamber of Control. Contrary to the concerns of financial institutions, the introduction of a new tax did not adversely affect the financial stability of banks.
According to NIK, the introduction of the tax did not adversely affect the stability of financial institutions, it did not affect the stability of the insurance sector. However, the chairman of the Financial Supervisory Board drew attention to the problem of reducing the measure in his own insurance undertaking, which has a negative impact on the maintenance of adequate capital security for those undertakings.
Bank tax was introduced in Poland 1 February 2016 This included national banks (established in the territory of Poland), branches of credit institutions, SKOK, national reinsurance undertakings, branches of local and major foreign companies with an insurance and reinsurance offer as well as loan institutions.
As NIK recalls, the bank’s tax base is an excess of the asset value in excess of the amount 4,000,000,000 PLN, for insurers is this 2,000,000,000 PLN, and for loan companies, the amount free of this tax will be assets worth more than 200,000,000 PLN.
The basis shall be reduced by the own funds of the bank, the government bonds in the bank’s portfolio, the assets acquired from the NBP as collateral for the refinancing loan granted by the NBP and the cooperative bank’s funds held in the accounts of the association banks.
Act introduced too quickly
The bank tax bill was made very quickly and was passed only after 43 days from the date of the parliamentary draft's impact to the Sejm, before the Government formally accepted its position. Such a rapid pace of legislative work was due to the need to obtain additional funding for budgetary expenditure, in particular social spending.
According to NIK, this hastily resulted in the revaluation of bank tax revenues to 2016 During the work on the budget 2016 The final version of the draft tax law was not known, so the revenue was planned only on the basis of the draft law of the Member State, which was subject to changes in the passed tax law.
According to the draft report, the amount of the impact was estimated at 6.5-7,000,000,000 PLN. In the Government Post project, it assumes that the revenue may amount to approx. 4,800,000,000 PLN, and the budget bill adopted the amount 5,500,000,000 PLN.
Meanwhile, the income from the bank tax obtained In 2016 (from March to December) 3,500,000,000, That's just about right. 64% from the forecast adopted in the budget law for the year 2016 (i.e. 1.1% income in the state budget). In 2017 the effectiveness of forecasts has improved.
Tax revenues then amounted to more than 4,340,000,000 PLN, or 110% plan (i.e. 1.3% income in the state budget).
Most money from national banks
According to the findings of NIK, domestic banks had a dominant share of tax revenue (83.5%) and national insurance undertakings (15.8%). Other entities only carried out 0.7% Impact 0.6% came to loan institutions.
From March 2016 until September 2017 at least once declarations FIN-1 submitted 90 financial institutions (monthly since 75 to 82 during a controlled period). In addition, according to the Chamber, there was an increased demand from the banking sector for Polish Treasury securities (SPVs) during the period under scrutiny.
Since late January 2016 until the end of June 2017 the value of the domestic portfolio of SPVs in the banking sector increased by 72,000,000,000 PLN, i.e. o 40.1% (at 179,500,000,000 PLN to 251,500,000,000 PLN).
More than half of the increase in bank involvement in treasury securities occurred in first The two months of application of the tax, although the increase in the purchase could be observed at the end 2015 NIK has not identified the use of the purchase in fiscal securities in valuables for tax optimisation by national banks.
To a greater extent, the mechanism for increasing the purchase in SPV in recent days and sales in first the following month, they used branches of credit institutions to optimise their tax treatment. However, in the opinion of the House, the transactions made did not have a significant impact on the tax (the banks had ca.
98% of securities in valuables and branches of credit institutions c. 2%).
According to NIK, the introduction of the tax did not adversely affect the stability of financial institutions, it did not affect the stability of the insurance sector. However, the chairman of the Financial Supervisory Board drew attention to the problem of reducing the measure in his own insurance undertaking, which has a negative impact on the maintenance of adequate capital security for those undertakings.
Author:
Katarzyna Kołbuś
Editor leading RB Magazine. From Over 10 years related to industry press, including the Financial Gazette and portal ipip.com.pl, which is devoted to finance, taxation, law, politics and the economy. She graduated from Polish philology at the UMCS and the language editing of the text at the University of Warsaw.