Sejm debates lower income tax levels, 5% capital gain tax to be introduced

The Sejm Public Finances Commission is expected to begin debating the draft bill for the amendment to the Personal Income Tax Act. According to unofficial information, the present tax levels of 30% and 40% will be slashed to 29% and 36% brackets next year. The lowest level of 19% would remain. The other changes proposed are the scrapping of some tax breaks such as on housing and medical treatment. The offering of gifts to the Church would also be rigorously monitored by the legislation. The ruling coalition is also planning to introduce a 5% tax on capital gains. Gains on securities such as bonds and stocks have up to now been tax free in Poland. Interest gained on bank deposits would also be taxed by an appropriate percentage. (Rzeczpospolita, page B1, Prawo i Gospodarka, page 1) S.M.