The Belka Tax Lives On: New Investment Accounts Introduce Asset Levies

Parliament has passed legislation introducing the Investment Savings Account (OKI), replacing the promised abolition of the “Belka tax” with a complex new system of tax exemptions and mandatory asset-based levies.

A Broken Promise on Capital Gains

The “Belka tax,” a levy on bank interest and capital gains introduced over twenty years ago by Marek Belka, was intended to be a temporary budgetary patch. Despite long-standing political promises to abolish or reform it, the government has opted to maintain its revenue stream, which reached a record 10.559 billion PLN in 2024.

Instead of the promised tax-free allowance, the government is introducing the Investment Savings Account (OKI) starting January 1, 2027. While it offers a tax exemption on annual capital gains up to 100,000 PLN, the system is burdened by restrictive conditions and a new, controversial tax on total assets.

The Mechanics of the OKI

The OKI is a voluntary mechanism where gains up to 100,000 PLN are exempt from the 19 percent capital gains tax. However, this exemption applies only to “qualified assets” such as stocks, bonds, and specific ETFs. Safer instruments, including bank deposits and government savings bonds, are restricted to a lower 25,000 PLN sub-limit.

Crucially, once an investor exceeds the exemption threshold, a new “asset tax” applies. This levy is calculated based on the annual average value of the portfolio rather than realized profits. In 2027, the rate is set at 0.85 percent, and it remains payable regardless of whether the investment yielded a profit or a loss.

Hidden Risks for Investors

Tax advisor Piotr Juszczyk notes that the new structure creates significant risks. Because the asset tax is disconnected from actual financial performance, an investor could face a tax bill even on a losing portfolio. Furthermore, the law does not allow for the transfer of existing assets into an OKI, forcing investors to sell current holdings and settle taxes under old rules before moving capital to the new accounts.

The legislation leaves several practical questions unresolved, particularly concerning the taxation of dividends and the classification of funds that do not meet the 70 percent Polish asset requirement. While the OKI offers a path toward tax-efficient long-term saving, it imposes rigid administrative hurdles and a permanent, non-contingent levy on invested capital.