Sejm Approves New Savings Tax on Personal Investment Accounts Starting 2027

The Polish Sejm has passed a law introducing Personal Investment Accounts, replacing part of the capital gains tax with an asset-based levy for specific savers starting in 2027.

Sejm Adopts Personal Investment Accounts Law

The Sejm has adopted the act on Personal Investment Accounts (OKI), altering taxation rules for certain savings and investments starting in 2027. The law now moves to subsequent legislative stages, bringing real tax savings for some investors and entirely new obligations and costs for others.

Replacing the Belki Tax With an Asset Levy

The new regulation introduces Personal Investment Accounts (OKI) to encourage investment and boost domestic financial market capital. Unlike the 19-percent capital gains tax, the new mechanism applies an asset-value approach exclusively to individuals exceeding specific limits, affecting larger portfolios while leaving small savings largely unaffected.

How the New Asset-Based Rules Work

Unlike the current system where the Belki tax applies strictly to realized income or profit, the OKI model taxes the annual average value of accumulated assets once statutory limits are crossed. Consequently, an investor can incur a tax liability even if a portfolio ends the year at a loss following market downturns.

Asset Tax Rates and Comparative Calculations

The first year of enforcement serves as a transitional period, with tax rates and thresholds determining liabilities independently of actual profits. While active investors with high yields may benefit from avoiding capital gains tax, conservative investors using bank deposits or savings bonds must carefully calculate potential outcomes.

Eligible Assets Beyond the Stock Market

Despite the name, OKI encompasses a broad catalog of assets rather than just stock market equities. The government anticipates that keeping capital within domestic financial markets will facilitate corporate funding and development.

Distinctions From IKE and IKZE Retirement Accounts

Unlike IKE and IKZE accounts, OKI is not a retirement product tied to age-dependent tax preferences. Account holders can withdraw funds at any time without losing tax privileges, resembling a classical investment account rather than a long-term retirement lock.

Implementation Timeline and Taxpayer Obligations

Subject to final legislative steps, OKI will take effect on January 1, 2027, with the first asset tax settlements due the following year. Unlike the current system where banks or brokerage houses automatically handle the Belki tax, OKI requires taxpayers to independently file tax returns and remit the levy.