publication
2025-08-22 09:06
update
2025-08-22 09:28
The beginning of the Friday session brought a strong discount of banks' stock exchange shares. PEKAO or PKO BP dropped over 6% in response to the government plans for the tax introduction of “Domiar” for the banking sector.
A dozen or so minutes after the opening of the Friday trade, PKO BP shares were lowered by 7%, Alior Bank by nearly 7%, and the Pekao rate reduced by 6.5%. Santander's quotations were also over 6% under the line. The WIG-Banki index dropped by 6.2%.
This is how the market reacted to suddenly and without previous consultations with the public opinion of the ministerial plans for the introduction of domiar for the banking sector. Already after the end of the Thursday session, the Ministry of Finance announced plans to raise CIT for banks from 19% to 30% in 2026 and 26% a year later. From 2028, the CIT rate for banks would be permanently raised to 23%.
From the beginning of 2025, it was Banks who was one of the main driving forces of bull market on the Warsaw Stock Exchange. From January to the recent August record, the WIG-Banki index has grown by 61%. For comparison, WIG has been in the plus of over 37%since the beginning of the year, and WIG20 has gained over 33%.
If these announcements become applicable law (and let us remind you that taxes in Poland may only adopt parliament with the consent of the president), then banks' profits will fall by over PLN 20 billion in the next 10 years – they estimate in the finance ministry. So much less money will go to banks shareholders, including individual investors or pension funds (OFE and PPK).
Due to the higher interest rates at the NBP than before, the banking sector has been recording high profits in the last two years. Only from January to June 2025, banks earned PLN 23.3 billion net, which is 18.2% more than a year ago – according to NBP data. However, the bankers argue that not only they should bear the burden of excessive government expenditure.
According to the Polish Bank Association, changes should be temporary and lead to the transfer of bank tax burden to CIT. ZBP is not without reason that the banking sector is already the largest tax payer from all sectors of the economy, last year giving the state PLN 13 billion from CIT and PLN 3.5 billion in banking tax (not counting VAT, which they pay as one of the few enterprises, as banking services are not subject to ovatation).
Tax offensive of Donald Tusk's government
At the same time, the Ministry of Finance proposes a gradual reduction in the tax rate on certain financial institutions (so -called banking tax) by 10 percent. in 2027 and 20 percent (relative to this year) from 2028. Officially: to stimulate credit action. The government would like the proposed changes to enter into force from January 1, 2026. So in just over 4 months.
The government dramatically needs our money to attach a monstrous budget hole planned for 2026. Hence the entire tax offensive, which will be victims not only by shareholders (and probably also customers) of banks. We have recently met the ministerial plans for a drastic excise duty increase for alcoholic beverages and the increase in the so -called sugar fee.
In addition, we also know that there will be no beam -free tax -free amount in the election campaign, as well as raising (and in principle: valorisation) an amount free from PIT and tax thresholds. In addition, the Donald Tusk government plans to increase the tax rate on winnings from 10% to 15%. However, all these changes require modification of laws, and for this you need the President's signature or 3/5 votes in the Sejm needed to reject the presidential veto.
