Poland will not reach revenue target on bank tax

Deputy Finance Minister Wiesław Janczyk said that Poland will likely fall short on its revenue target on tax on bank and insurers assets. "The data clearly show that inflows will be lower than we planned in the budget bill," Janczyk said, adding that the outcome is not a surprise.  "Everywhere that sector taxes have been introduced results have proven worse than expected in the early phase of implementation." Janczyk also said the revenue from the tax could be increased by averaging out banks' holdings of sovereign bonds, which are exempt from the tax, instead of using a month-end figures. Poland planned for the tax to bring in PLN 5.5 billion.