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Poland's new tax enters into force

Originally aired on Radio Poland, 2/1

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Earlier this month, members of the Polish parliament voted in favour of a range of amendments proposed by the Senate, the upper house, including a new tax on banks.

The conservative Law and Justice Party (PiS) promised new taxes on banks and hypermarkets ahead of its victory in the country’s October general elections.

The new tax applies to institutions carrying out financial activities in Poland such as domestic and foreign banks, cooperative savings and loan societies, and insurance companies.

These companies will pay an annual tax of 0.44 percent on their assets. Aleksander Łaszek, chief economist at Polish think-tank FOR, said: "Introducing the tax at this moment in our opinion will negatively affect GDP growth.”

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