Gov't will impose banking tax on February 1

PiS MP Wojciech Jasiński said on Thursday that Poland will tax banks' assets with a monthly rate of 0.0325 percent (0.39 percent a year) and insurers assets at 0.05 percent a month, starting on February 1 when the law is expected to come into force. The tax is expected to bring in revenues of PLN 4 billion in the first year and PLN 5-6 billion in subsequent years, Jasiński said. It will be levied on all banks, both domestic and foreign-owned, as well as on credit unions (SKOK) and domestic insurers.