Law and Justice deputy, candidate of Law and Justice, a notification announcing the project, which introduces a tax on financial institutions excluded from it are three types of institutions: the cooperative savings and credit unions, cooperative banks and private pension funds. Details of the solution, it intends to propose a Law and Justice, we do not know. However, if the tax were to be extended to all other types of financial institutions, it could be that for some of them it would be a difficult burden to bear.
By Awl tax would be 0.39 percent. assets of financial institutions, although at the recent congress of the Law and Justice in Katowice pointed out that the rate will be rather 0.15-0.25 per cent. Higher rate (in line with the proposal the party a few years ago) for banks mean – based on data at the end of the first quarter. This year – an expense of about 5.6 billion zł. But the new tribute could also be a considerable expense for companies of investment funds. From the surveillance data show that assets managed by investment funds amounted at the end of March this year, 288 billion zł. This would mean that societies have to be paid annually over 1.1 billion zł. Meanwhile, last year’s net profit of the whole industry TFI 477 million zł.
Less likely would be a variant in which the tax asset would apply the same TFI, which amounts to just over 2 billion zł. In this case, the tax would constitute a small portion of the profits the industry.
Chamber of Assets and Liabilities, representing the investment funds industry, declined to comment.
Trouble for brokers
Problems also have referred to brokerage houses. Clients’ assets on accounts with brokers at the end of March amounted to 110 million zł (another almost 40 billion zł that assets under management). The tax on this amount clearly exceeded 400 million zł. Last year’s profits of the industry: 396 million zł.
– There is no possibility of catching up to the more developed countries, if not the GDP growth we rely on increasing productivity. And to do that you need a capital market, which finances innovative companies is at an early stage of development. Banging the brokerage industry reduces the ability to perform this function by the capital market, to the detriment of the whole economy. This relationship applies not only to Polish: without the capital market is not the US have developed Silicon Valley – justifies Waldemar Markiewicz, president of the Chamber of Brokerage Houses.
And draws attention to another factor. – The brokerage industry is currently profitable, but profits come from foreksowej activities or transactions undertaken on its own account. Traditional brokerage business is not profitable – says Markiewicz. In the first quarter. This year brokerages showed zł 122 million net profit, but the brokerage business lost nearly 21 million zł (loss on core business was also in the whole ub.r.).
repolonizacji instrument
It’s easier with the new tax would cope insurance companies or banks. Although for the latter it would be already more load of this type. Apart from income tax also pay a mandatory contribution to the Bank Guarantee Fund (currently there are over 2 billion zł per year, but it probably will increase, because we are working on a new law on the Bank Guarantee Fund, which would make additional contributions to the so-called third party. Orderly liquidation of banks located on the verge of insolvency), less importance is another mandatory fee – on the functioning of supervision.
The effect of the new regulations may also limit the possibility of payment of dividends by banks operating in Poland. This also applies to banks controlled by the Treasury (PKO BP this year does not pay dividends due to limitations on the part of supervisors in connection with loans in Swiss francs), but from the point of view of tax budget is preferred dividend (tax state gets in full, and dividend depending on their stake in the company).
It’s no surprise that increasing loads resulting in falling share prices of banks on the stock market. – Tax banking can be noted in the plan repolonizacji banking sector – considered representative of the banking sector. I justify that the idea is to discourage foreign investors to stay in our market and to be able to buy shares cheaply from them.
The international dimension are also other segments. However, it looks different. – Tax on financial institutions in addition pogarszałby the competitive position of Polish brokerage houses in relation to remote brokers operating in our market from abroad. And they support only the largest companies, do not support the development of small and medium-sized enterprises, an important for our brokerages – notes Waldemar Markiewicz.
passed on to customers
Experts estimate that financial institutions will seek to pass a new tax on to customers. – First of all I would expect higher interest rates on loans. In the current environment, with record low interest rates, such increase is relatively easy to perform – assesses the caller DGP from the banking sector. He adds that with a higher premium on BFG banks cope in such a way that fit corporate loans that the credit margin rate yet be added depending on the amount of fees to the fund. In his view, a similar procedure is to be expected with regard to a bank tax.
While in banks increase could be relatively difficult noticeable, include. TFI would need to compensate for the loss by leaps and bounds raise management fees funds.
The brokerage accounts is 110 billion zł. The tax on this amount would have amounted to more than 400 million zł, which is more than last year’s profit sector
No comments:
Post a Comment