Sejm passes banking tax law

The lower chamber of Parliament, the Sejm, has adopted a tax on banks, setting the rate at 0.44 percent a year. PiS, the ruling party, had amended its own law and had increased the rate from initial 0.39 percent a year. Poland's Finance Minister said that the tax on banks' and insurers' assets  should 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 asset tax on banks and insurers and PLN 2 bln from the retailers tax in 2016. Szałamacha also said that Poland wants adopt anti-avoidance rule in corporate 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.