Capital gains tax begins to haunt investors on the Warsaw Stock Exchange

Yesterday Deputy Finance Minister Irena Ozog said, "The Ministry is not planning to extend the tax holiday for capital gains on the Warsaw Stock Exchange." The management of the bourse is not pleased. Individual investors could have to start paying the tax from next year. "According to my knowledge, there is no such draft yet, nor has there been any discussions on the subject," said WSE president, Wieslaw Rozlucki. He added that if it is introduced, then it should be done no earlier then in 2005. In September 2002, the then deputy finance minister Jacek Bartkiewicz made a statement which declared that it would take the shape of a 20% capital gains tax. "The market is not ready for any kind of taxation on such activities," said Miroslaw Tkaczuk from DM BH. (Parkiet, pp. 1, 20) M.M.