Insurers want PPK assets exempt from bank tax

Insurers lobby Polska Izba Ubezpieczycieli PIU wants assets of employer-sponsored pension plans PPK managed by insurers to be exempt from the so-called bank tax. The Finance Ministry is currently analyzing the issue but is “reluctant” to make any exemptions. “This is a fundamental problem because we get a lot of requests for exemption from this tax, and we would like to keep the status quo, so it requires extensive analysis,” the ministry said. The new program assumes a limit of management fees capped at 0.6 percent of assets, which includes a 0.1 percent conditional performance fee. Financial institutions pay a tax of 0.44 percent of the value of qualifying assets annually.