The Polish parliament, known as the Sejm, has enacted legislation regarding Personal Investment Accounts (OKI), which will allow investment assets such as stocks and mutual fund shares to be exempt from capital gains tax, commonly referred to as the Belka tax, for amounts up to 100,000 PLN.
Implementation Scheduled for 2027
The OKI law aims to fulfill one of the current government’s priorities: the development of the domestic capital market. According to the provisions outlined in the bill, the investment accounts are set to take effect on January 1, 2027, a shift from the initially proposed start date of July 1, 2023. In addition to stocks and mutual fund shares, savings assets such as bonds and deposits will be exempt up to 25,000 PLN.
Assets held within the OKI that exceed these limits will be subject to a new tax based on their value.
The government emphasized that this tax will not exceed 1% and will be calculated using a detailed algorithm that takes into account daily valuations, deposit balances, and the duration of account ownership. Officials estimate that the introduction of OKI could lead to an influx of approximately 25 billion PLN to the Warsaw Stock Exchange by 2030 and 74 billion PLN by 2040.
