Journal of Laws- 1 -Item 68
Journal of Laws- 1 -item 68
JOURNAL OF LAWS
OF THE REPUBLIC OF POLAND
Warsaw, 15th January 2016
Item 68
ACT
of January 15th 2016
on Tax on Certain Financial Institutions[1]
Chapter 1
General provisions
Article 1.The Act regulates the taxation on assets of certain financial institutions, hereinafter referred to as “Tax”.
Article 2.The Tax constitutes income of the State budget.
Chapter 2
Subject of taxation and taxable entity
Article 3.The subject of taxation are assets of taxable entities for the purpose of the Tax.
Article 4.Taxable entities are:
1)domestic banks within the meaning of Article 4.1 (1) of the Banking Law Act of August 29th 1997 (Journal of Laws of 2015 item 128, as amended[2]);
2)branches of foreign banks within the meaning of Article 4.1 (20) of the Banking Law Act of August 29th 1997;
3)branches of credit institutions within the meaning of Article 4.1 (18) of the Banking Law Act of August 29th 1997;
4)cooperative savings and credit unions within the meaning of Article 2 of the Act of November 5th 2009 on Cooperative Savings and Credit Unions (Journal of Laws of 2013, item 1450, as amended[3]);
5)domestic insurance undertakings within the meaning of Article 3.1 (18) of the Act of September 11th 2015 on Insurance and Reinsurance Activity (Journal of Laws, item 1844);
6)domestic reinsurance undertakings within the meaning of Article 3.1 (19) of the Act of September 11th 2015 on Insurance and Reinsurance Activity;
7)branches of foreign insurance undertakings and foreign reinsurance undertakings within the meaning of Article 3.1 (22) of the Act of September 11th 2015 on Insurance and Reinsurance Activity;
8)main branches of foreign insurance undertakings and foreign reinsurance undertakings within the meaning of Article 3.1 (11) of the Act of September 11th 2015 on Insurance and Reinsurance Activity;
9)lending institutions within the meaning of Article 5 (2a) of the Act of May 12th 2011 on Consumer Credit (Journal of Laws of 2014, item 1497, as amended[4]);
Chapter 3
Taxable amount and tax rate
Article 5.1. In case of taxable entities referred to in Article 4 (1) to (4), the taxable amount shall be the excess of the total value of assets of the taxable entity resulting from the summary of turnover and balances drawn on the last day of the month based on the records on the general ledger accounts, under the provisions of the Accounting Act of September 29th 1994 (Journal of Laws of 2013, item 330, as amended[5]) or according to accounting standards applied by the taxable entity under Article 2.3 of this Act - above the amount PLN 4 billion.
2.In the case of taxable entities referred to in Article 4 (5) to (8), the taxable amount shall be the excess of the total value of assets of the taxable entity resulting from the summary of turnover and balances drawn on the last day of the month based on the records on the general ledger accounts, under the provisions of the Accounting Act of September 29th 1994 or according to the accounting standards applied by the taxable entity under Article 2.3 of this Act - above the amount PLN 2 billion. This amount is calculated for all taxable entities directly or indirectly dependent or interdependent from a single entity or a group of interconnected entities.
3.In the case of taxable entities referred to in Article 4 (9), the taxable amount shall be the excess of the total value of assets of the taxable entity resulting from the summary of turnover and balances drawn on the last day of the month based on the records on the general ledger accounts, under the provisions of the Accounting Act of September 29th 1994 or according to the accounting standards applied by the taxable entity under Article 2.3 of this Act - above the amount PLN 200 million. This amount is calculated for all taxable entities directly or indirectly dependent or interdependent from a single entity or a group of interconnected entities.
4.In the case of taxable entities referred to in Article 4 (1) to (3), the taxable amount shall be reduced by the entity's equity referred to in Article 126 of the Banking Law Act of August 29th 1997, measured as at the last day of the month.
5.In the case of taxable entities referred to in Article 4 (1) which are affiliating banks within the meaning of Article 2 (2) of the Act of December 7th 2000 on the Functioning of Cooperative Banks, their Affiliation, and Affiliating Banks (Journal of Laws of 2015, item 2170), the taxable amount shall be reduced by the amount of financial resources on all accounts of affiliated cooperative banks kept by the taxable entity.
6.In the case of taxable entities referred to in Article 4 (4), the taxable amount shall be reduced by value of the the entity's equity referred to in Article 24 of the Act of November 5th 2009 on Cooperative Savings and Credit Unions, measured as at the last day of the month.
7.In the case of taxable entities referred to in Article 4 (1) to (4), the taxable amount shall be reduced by the amounts increasing the equity, contributed by the taxable entity during the month for which the taxable amount is established pursuant to the decision referred to in Article 138 (1) (2) or (2a) or Article 138d.1 of the Banking Law Act of August 29th 1997.
8.In the case of taxable entities referred to in Article 4 (1) to (3), the taxable amount shall be reduced by the value of assets acquired by the taxable entity from the National Bank of Poland and used as a collateral for a refinancing loan granted by the National Bank of Poland under Article 42.1 of the Act of August 29th 1997 on the National Bank of Poland (Journal of Laws of 2013, item 908, as amended[6]);
9.In the case of taxable entities referred to in Article 4 (1) to (4), the taxable amount shall be reduced by the entity's equity in the form of treasury securities within the meaning of Article 95.1 of the Act of August 27th 2009 on Public Finances (Journal of Laws of 2013, item 885, as amended[7]);
Article 6.If in order to determine the taxable amount, amounts denominated in a foreign currency are used, an amount denominated in a foreign currency shall be converted into PLN using the average exchange rate for a given currency published by the National Bank of Poland on the last working day prior to the day for which the taxable amount is determined.
Article 7.The monthly Tax amounts to 0.0366% of the taxable amount.
Chapter 4
Tax collection
Article 8.1. Taxable entities are obliged, without being called by the competent tax authority, to:
1)submit tax declarations to the competent head of the tax office according to the established template,
2)calculate and pay the Tax to the account of the competent tax office
-for monthly reference periods by the 25th day of the month following the month the Tax is related to.
2.The obligation referred to in paragraph 1 (1), does not concern taxable entities in the case of which the taxable amount established according to Articles 5.1 to 5.3, including reductions defined in Articles 5.4 to 5.9, does not result in an obligation to pay the Tax to the account of the competent tax office.
3.The minister competent to public finance will determine, by way of a regulation, the declaration template referred to in paragraph 1, together with an explanation how it should be completed and the time and place of its submission, having regard to enabling identification of the taxable entity and the tax office to which the declaration is addressed, and correct calculation of the taxable amount by the taxable entity, including all reductions and the amount of the Tax.
Chapter 5
Competent tax authorities
Article 9.1. The competent tax authority with respect to the Tax is the head of the tax office in whose jurisdiction the registered office of the taxable entity is located.
2. If it is impossible to determine the competent tax authority according to paragraph 1, the competent tax authority is the Head of the Second Tax Office Warszawa-Śródmieście.
Chapter 6
Tax exemptions and reductions
Article 10.Tax exemption shall apply to domestic banks within the meaning of the Banking Law Act of August 29th 1997
Article 11. 1. Tax exemption shall apply to taxable entities with respect to which the Polish Financial Supervision Authority issued a decision:
1)concerning issues referred to in Article 12.2 (1) (v), (x), (y), subparagraph (3) (f), (g), (h) and paragraph 2a (6) to (7) of the Act of July 21st 2006 on Financial Market Supervision (Journal of Laws of 2015, item 614, as amended[8]);
2)to suspend the operation of a cooperative savings and credit union referred to in Article 74k.1 or 74k.2 of the Act of November 5th 2009 on Cooperative Savings and Credit Unions
-until the execution of this decision.
2. Tax exemption shall apply also to taxable entities subject to:
1)a reorganisation programme referred to in Articles 142.1 to 142.3 of the Banking Law Act of August 29th 1997;
2)a reorganisation programme referred to in Article 72a of the Act of November 5th 2009 on Cooperative Savings and Credit Unions;
3)reorganisation programme referred to in Article 312.2 of the Act of September 11th 2015 on Insurance and Reinsurance Activity, or a short-term financial scheme referred to in Article 313.2 of this Act.
Chapter 7
Amendments to existing regulations, transitional provisions and final provision
Article 12.In the Act of February 15th 1992 on Corporate Income Tax (Journal of Laws of 2014, item 851, as amended[9]) in Article 16.1 (69) period is replaced with a semicolon and subparagraph (70) is added in the wording:
„70) Tax referred to in the Act of January 15th 2016 on Tax on Certain Financial Institutions (Journal of Laws, item 68).”.
Article 13.The first reference period for which the taxable entities calculate and pay the Tax and submit the tax declaration referred to in Article 8.1 (1), is February 2016.
Article 14.Introduction of the Tax cannot be made the basis for a change of conditions of provision of financial and insurance services performed on the basis of agreements concluded before the date of entry into force of this Act.
Article 15.The Act shall enter into force on 1st February 2016.
President of the Republic of Poland: A. Duda
[1]This Act amends the Act of February 15th 1992 on Corporate Income Tax.
[2]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2015, items 559, 978, 1166, 1223, 1260, 1311, 1348, 1357, 1513, 1634, 1830, 1844, 1854, 1864, and 2281.
[3]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2015, items 978, 1158, 1259, 1311, 1830, 1854, 1864, and 2281.
[4]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2014, item 1585 and 1662; and of 2015, item 1357.
[5]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2013, item 613; of 2014, items 768 and 1100; and of 2015, items 4, 978, 1045, 1166, 1333, 1844, and 1893.
[6]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2013, item 1036; and of 2015, items 855 and 1513.
[7]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2013, item 938 and 1646; and of 2014, items 379, 911, 1146, 1626 and 1877; and of 2015, items 238, 532, 1045, 1117, 1130, 1189, 1190, 1269, 1358, 1513, 1830, 1854, 1890, and 2150.
[8]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2015, items 1260, 1348, 1357, 1505, 1513, 1618, 1649, and 1844.
[9]Amendments to the consolidated text of the Act have been announced in Journal of Laws of 2014, items 915, 1138, 1146, 1215, 1328, 1457, 1563 and 1662; and of 2015, items 73, 211, 933, 978, 1166, 1197, 1259, 1296, 1348, 1595, 1688, 1767, 1844, and 1932.