Firstly, there was deception regarding the increase of the tax-free amount in PIT from PLN 30,000 to PLN 60,000. Zloty. Successive representatives of the ruling coalition, including the head of the Ministry of Finance, confirmed that they would not back down from their electoral promise. Then they finally admitted that in 2024 taxpayers will be able to Forget low income tax.
The fate of the Belka tax remains uncertain: there will be no liquidation, what about the personal income tax exemption
And also pensioners, who were promised a lot – other than the second indexation of pensions, which will not happen, although no one has the courage to say that unequivocally – it was supposed to be becauseTax-free pensions.
Increasing the tax exemption amount to PLN 60,000 results in automatic exemption from personal income tax for pensions of less than PLN 5,000. PLN, the vast majority of these benefits are provided.
Another game of appearances concerns the abolition of the capital gains tax, known as the BILCA tax.
Ultimately, at least the assumptions of the changes are known. In this case, it must be admitted that the Minister of Finance, Andrzej Domansky, does not hide the fact that he will not be the tax liquidator. Professor Marek Belka, but only the fixer of this general honour. But not immediately, but from January 1, 2025 at the earliest.
When will tax relief be granted for Belka: When will deposits become unprofitable again?
Aside from the unfair attitude towards voters, the complete treachery of this delay is this After many years during which small savers added to their deposits, Because the interest paid by the banks not only did not make any profit, it did not even compensate for the loss of capital, plus a 19% tax, we have the first months in which deposits can really make money.
With May inflation at 2.4%, you can easily find a deposit – classic or in the form of a savings account – with an interest rate of 5%, the standard offer is 7.1%. However, even though it has been almost a year since the promises, the 19% tax on the interest still has to be paid.
When will it stop being paid under the current BELCA tax exemption? Yes, when everything returns to normal – the deposit interest rate will be below inflation again, because This will most likely happen once the Monetary Policy Board starts cutting interest rates.
BELCA tax credit: what does it involve?
If not this is the next step games By appearances, Belka’s tax exemption as of January 1, 2025 will be as follows.
Basically, there will be two types of inscriptions, and the system for using them will be very complicated.
As a rule, the exemption is intended for tax relief of profits generated by investing in the stock market and separately from saving in the form of deposits or bonds.
In both cases, as a general rule,The exemption applies to profit from savings In the amount of 100,000 Polish zlotys, Although the actual amount of relief will be determined each year. It takes the form of a specific amount that is deducted from capital gains tax.
It will be calculated by multiplying 100,000.PLN by the NBP deposit interest rate on the last day of the third quarter of the year preceding the tax year. If the easing comes into effect only from January 1, 2025 until the end of September this year. The MPC will not cut interest rates then – at a reference rate of 5.75%. Belka’s tax exemption will amount to PLN 5,750.
what does that mean? The bank where we save on deposits or the bond brokerage office will not withhold capital gains tax (Belka tax) from the interest earned until these “clawbacks” amount to PLN 5,750. They will not be subject to a 19% deduction, as is currently the case, until the tax-exempt threshold is exceeded. Interest earned.
The project also stipulates: The mitigation will only apply to one category – Either deposits or bonds – here the payer is a bank or brokerage house (for bonds).
An additional limit of the same amount will be available for investing in stocks, for example on the WSE – but then the brokerage company will not be the payer, but the taxpayer will deduct the exemption himself, for example up to a limit of up to PLN 5,750 as part of the annual PIT tax settlement. -38.
Let us remind you that now for every zloty obtained from a deposit, bonds, shares, investment fund or any other capital investment, the tax office collects 19 zlotys and there is no tax-free amount nor any exemption.
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