Sejm passes bank and insurers asset tax law

The lower chamber of Parliament, the Sejm, has adopted a tax on assets of banks and insurers, setting a rate at 0.44 percent a year. PiS, the ruling party, had amended its own law, increasing the rate from initial 0.39 percent a year. The law needs to be adopted by the upper chamber of Parliament, the Senate. On Tuesday, Poland's Finance Minister said that the tax is expected to come into force on February 1, 2016, while the tax on large retailers on March 1, 2016. Poland budgeted PLN 5.5 bln in revenues from the former tax and PLN 2 bln from the latter in 2016. Szałamacha also said that Poland wants to adopt an anti-avoidance rule in corporation tax law in Q2 2016. The Finance Minister has confirmed that money for the 500+ child benefit program had been secured in the 2016 budget.