Poland introduces Personal Investment Accounts with new asset‑value tax

The Polish Senate approved a law establishing Personal Investment Accounts (OKI) that will take effect on 1 January 2027. The legislation removes the 19 % “Belka” tax on capital‑gain income for assets held within the accounts up to two exemption limits – 25 000 zł for savings products such as deposits and bonds, and 100 000 zł for investment assets such as stocks and mutual‑fund units. Beyond those thresholds a new annual levy will be applied to the value of the assets, starting at 0.85 % in the first year and later linked to the National Bank of Poland’s reference rate, not exceeding about 1 %. The Senate vote was 60‑23‑2 in favour, and the bill now proceeds to the president for signature. The government expects the OKI scheme to channel roughly 25 billion zł to the Warsaw Stock Exchange by 2030 and up to 74 billion zł by 2040, encouraging long‑term investment while preserving access to capital‑gain tax relief for modest holdings.