The Polish government is accelerating legislative efforts to implement Personal Investment Accounts by January 1, 2027, with parliamentary work expected to conclude by the end of the second quarter of 2026.
Legislative Timeline and Scope
The Council of Ministers has confirmed that work on the Personal Investment Accounts (OKI) legislation is expected to finish in the Sejm and Senate by the end of Q2 2026. The Ministry of Finance project, accepted by the government in early May, mandates an implementation date of January 1, 2027.
Tax Exemptions and Asset Limits
The proposed regulations introduce specific tax-free thresholds for capital gains. Assets denominated in Polish zloty, such as stocks and investment fund units, would be exempt from the capital gains tax up to 100,000 PLN, while savings-type assets like bonds and deposits would have a 25,000 PLN limit.
New Tax Structure for Surplus Assets
Any assets exceeding these established thresholds will be subject to a new tax on their total value. The government indicates this levy will not exceed 1 percent, calculated via a specific algorithm that factors in daily valuations, deposit balances, and the duration the account has been held.
Market Impact and Fiscal Forecasts
The primary goal of OKI is to incentivize domestic investment. Government estimates suggest the initiative could inject approximately 25 billion PLN into the Warsaw Stock Exchange by 2030, rising to 74 billion PLN by 2040, despite an estimated initial budget revenue loss of 250–300 million PLN in 2027.
Capital Gains Tax Context
The “Belka tax,” introduced in 2002, currently levies a 19 percent rate on income from interest, deposits, and securities. In 2025, budget revenues from this tax exceeded 9.3 billion PLN, with government projections estimating over 9 billion PLN in receipts for 2026.