The Polish Ministry of Finance has delayed the implementation of Personal Investment Accounts and the partial abolition of the Belka tax to January 1, 2027, to refine the system.
Delayed Implementation Timeline
The Ministry of Finance confirmed that changes regarding Personal Investment Accounts (OKI) and the liquidation of the Belka tax will not take effect as quickly as previously assumed. The deadline has been moved from mid-2026 to January 1, 2027, following comments received during consultations.
Finance and Economy Minister Andrzej Domański stated that the quality and refinement of the solutions are more important than adhering to a rigid date. He emphasized the goal of creating a well-developed product that meets the expectations of Polish citizens for more effective investment of savings.
Mechanics of Personal Investment Accounts
Announced in August 2025, OKI is a proposed voluntary investment product for individuals offering broad tax reliefs. Investment assets denominated in zlotys, such as shares, bonds, or fund units, would be exempt from capital gains tax up to 100,000 PLN.
For savings assets, including deposits and savings bonds, the exemption limit would be 25,000 PLN. Assets exceeding these limits would be subject to a new asset value tax, calculated via an algorithm considering daily valuations, deposit balances, and account duration.
Economic Goals and Stock Exchange Impact
The government aims to encourage savers to allocate more funds into the real economy and volatile investment instruments. The Regulatory Impact Assessment suggests that OKI could drive approximately 74 billion PLN in new funds into the Warsaw Stock Exchange by 2040.
Małgorzata Rusewicz, president of the Chamber of Asset Management and the Chamber of Pension Funds, noted that OKI could shift household wealth building from a dominance of bank deposits and real estate toward more diversified savings.
International Models and Mass Accessibility
The OKI project is modeled after the Swedish ISK system, which is used by nearly half of Sweden’s adult citizens. The 19% capital gains tax exemption for investments up to 100,000 PLN is cited as a primary competitive advantage.
Michał Żuławiński of the Individual Investors Association emphasized that the product must remain simple and mass-market. If the implementation is too complex, the accounts may only attract existing experienced investors rather than those currently saving in banks.
Impact on Investment Funds
Investment funds are expected to be among the biggest beneficiaries of OKI, although this may intensify the fight for customers and create downward price pressure on fees. High fees in Poland compared to other EU countries remain a significant issue.
Żuławiński highlighted the importance of investor education regarding how costs affect long-term returns, praising the Polish Financial Supervision Authority’s investment fund comparison tool.
