Polish insurers want PPK assets exempt from bank tax
Poland's insurers lobby – the Polish Insurance Association - wants to assets of employer-sponsored pension plans (PPK) managed by insurers to be exempt from the tax on financial institutions, the so-called bank tax, but the Finance Ministry, although it sees the problem, is reluctant to make exemptions from the tax, MinFin deputy financial market director Katarzyna Przewalska said at a debate.
"On Friday, we received a motion from PIA on exempting PPK assets from the financial institution tax and analysis is underway," Przewalska said at a debate organized by PIA.
"It is a fundamental problem, as we receive many motions for exemption from the tax, while we would like to preserve the status quo, so it requires extensive analysis," she said.
The draft bill on PPKs assumes a limit of management fees capped at 0.6% of assets, including a 0.1% conditional performance fee. Financial institutions pay a tax of 0.44% of value of qualifying assets annually.