17. Tax on certain financial institutions
As of 1 February 2016, the Act of 15 January 2016 on tax on certain financial institutions came into force, which covered, among other things, banks and insurance companies. The tax is charged on the surplus of a Bank’s total assets above PLN 4 billion, based on the trial balance as at the end of each month. The tax base of insurance companies within one Group is determined jointly as the surplus of total assets over PLN 2 billion
2019
Banks are entitled to reduce the tax base by deducting such items as e.g. own funds or the value of Treasury securities. Additionally, banks reduce the tax base by the value of assets acquired from the NBP, constituting collateral for a refinancing loan granted by the NBP. Insurance companies are entitled to reduce their tax base by the value of assets accumulated under the contracts for Employee Capital Plans that they service, as referred to in the Act on Employee Capital Plans of 4 October 2018.
The tax rate for all taxpayers is 0.0366% per month, and the tax is paid monthly by the 25th of the month following the month to which it relates. The tax paid is not tax-deductible for corporate income tax purposes.
| TAX ON CERTAIN FINANCIAL INSTITUTIONS | 2019 | 2018 |
|---|---|---|
| Tax on certain financial institutions, of which: | ||
| PKO Bank Polski SA | (931) | (883) |
| PKO Życie Towarzystwo Ubezpieczeń SA | (5) | (4) |
| PKO Bank Hipoteczny SA | (83) | (61) |
| PKO Towarzystwo Ubezpieczeń SA | (3) | (2) |
| Total | (1 022) | (950) |