Poland enacts Personal Investment Account law to reform capital gains tax

President Karol Nawrocki has signed the law establishing Personal Investment Accounts (OKI) in Poland, marking the end of a two-year legislative process. The new regulation is set to take effect on January 1, 2027.

OKI represents a significant shift in tax policy for individual investors. While it does not abolish the capital gains tax (commonly known as the Belka tax), it introduces a new fiscal mechanism that provides exemptions for certain types of income. Under the new rules, investors will not pay the 19% tax on interest from bank deposits, dividends from stocks, or profits from the sale of securities held within these accounts.

The accounts are designed to hold various asset classes, including bank deposits, treasury bonds, stocks, and investment fund units. Financial institutions have until the start of 2027 to prepare their offerings for the new system.