Szymański: OKI is a real opportunity for saving and the entire economy. This shows the example of Sweden
There is no guarantee of success or on the saving side that personal investment accounts will be a more favorable solution than a standard capital profit tax or on the economy side that they will gain mass popularity, stimulating investments and accumulation of savings. However, OKI gives a real chance, as the example of Sweden shows-indicates in the commentary for Bankier.pl Michał Szymański, president of VIG / C-quadrat TFI.
A proven example from Sweden
Personal investment account – OKI In my opinion, it is an interesting initiative, giving a chance to stimulate society for a more effective way of saving. This type of account under the name Spark It has been operating in Sweden for over 10 years, which allows for good verification of its good and weaknesses. The genesis of its introduction was to facilitate the investment for wide social groups – including on the stock market, enterprise bonds, investment funds. The construction, completely voluntary, turned out to be a great success – such an account has Nearly 50% of Sweden citizens over 20 years of age.
Activation of savings is important for both the saving and the economy. Postponing funds on current accounts in banks does not even protect against inflation, which also shows the example of Poland. In the years 2020-24, according to NBP data, the cumulative rate of return on the “existing deposits” category, which constitute the vast majority of funds on deposits, amounted to less than 6% in 5 years. At the same time, cumulative inflation was over 40%.
From the point of view of the economy, investing funds in the development of enterprises supports its development and innovation. Such investments can be carried out directly through shares, bonds or investment funds. This is especially important in Poland, where the investment rate of private companies in relation to GDP has been falling systematically for almost 10 years and is currently one of the lowest in Europe. This situation in the long run usually leads to braking of economic development.
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When the tax tax may be beneficial
One of the important factors of the popularity of a solution such as OKI is simple, relatively low taxation. The tax value tax is easy to calculate and understand. Its height is always a subjective matter.
For example, in Sweden, for an analogous ISK account, it was about 0.5%for a long time, and recently increased to about 1%. To facilitate the tax -saving tax, it should be calculated by the OKI institution.
The advantage of tax value tax is its simplicity and a more favorable situation in the case of deposits with a higher rate of return. This solution is more supported by investments of long -term and higher potential return rates, such as deposits in shares, enterprise bonds or even private equity.
The risk of this tax solution is the need to pay tax also when the investment brings a loss – that's why long -term investments are more favorable. People for whom such a tax risk is too high will have a choice – they may remain with the current taxation method, i.e. tax gains tax in the amount of 19%. Thanks to the introduction of an OKI account, saving will gain a much better choice of running their investments.
Introduction of tax on the amount above 100,000 PLN is rational. It is hard to imagine the acceptance of a solution in which a person with shares worth several hundred million zlotys would be exempt from tax.
A chance to stimulate the investment
The scope of available deposits under the OKI account should be as wide as possible to support the diversity of the capital market, which is its essence. However, I understand caution in allowing a situation where a person locates funds on a bank deposit interest -bearing 0.5% per year, paying tax, e.g. 0.8% on assets – such a deposit would be a guaranteed loss. Another example is the types of deposits, where, according to KNF publications, up to 70% of customers regularly suffer losses every year – this does not build savings, does not stimulate the national economy, and tax on the value of assets would be additionally unfavorable to investors.
The advantage of OKI's account is its total voluntary and full investment flexibility. It should be possible to pay funds in any way and pay them freely at any time. A simple, low tax, calculated by the OKI institution, is to facilitate investments. IKE, IKZE, PPK constructions offer tax benefits, but which are generally related to maintaining funds to retirement age, so they have slightly different goals and related restrictions.
No construction guarantees success. Oki also not. Neither on the saving side that it will be more favorable than a standard tax profit tax, or on the part of the economy, that accounts will gain mass popularity, stimulating investments and accumulation of savings. However, the OKI account gives a real chance, What shows the example of Sweden, where such a solution turned out to be a great success.
Michał Szymański, president of VIG / C-Quadrat TFI
