Financial sector alarmed by proposal to monitor individual bank accounts

Representatives of the banking sector have criticized the government's amendment to the tax bill, under which banks would have to prepare reports on individual customers who open and close accounts. The change is aimed at increasing efficiency in raising taxes, particularly the tax paid on bank deposit gains. "The proposal proves that the government's understanding of the idea of financial secrecy is somewhat original," said Wladyslaw Kicinski, deputy president of BGZ, adding that the law would weaken the trust that customers put in financial institutions and would also increase banks' costs. Bankers were especially puzzled by a proposal that reports be obtained by tax offices free of charge, and declared they would try to modify the shape of the draft. (Puls Biznesu, p. 8) M.K.