Will Belka's tax be lifted? The Trading Jam Foundation collects signatures

The Trading Jam Foundation, which brings together investors from the financial market in Poland, appeals to the prime minister to abolish Belka Tax, which has been in force in Poland for 18 years. Investors want gains not bear interest due to the coronavirus outbreak.

Capital income tax in Poland was introduced in 2002 when Marek Belka was the Minister of Finance. That is why the new tax was "baptized" in his name. Since then, we've all been paying 19% tax on income earned on the stock exchange, Forex market, investment funds and even bank deposits.

We have got used to double taxation a long time ago - because this is how you can call a tax on money earned and deposited, for example on an interest-bearing deposit or bank account. Every now and then voices come back to bear it. Now the topic comes back again.

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Trading Jam: Belka's tax was to be temporary

The petition to Prime Minister Mateusz Morawiecki, which contains a request to abolish the tax on individuals, has just been prepared by the Trading Jam Foundation, which unites 38 individual investors in Poland.

W leaves open, which anyone can sign, we read, among others:

Rafał Zaorski, Trading Jam Foundation

“The Belka tax was introduced temporarily in its assumptions, and this is the nineteenth anniversary of its operation. Dark clouds are gathering over the Polish nation as a consequence of THE GREAT LOCKDOWN crisis. It is not only about taxes on the profits of stock exchange investors, but also small savers who accumulate their savings on deposits. In the face of the current cyclical fluctuations, citizens cannot be made to be paid to have their savings held.

According to research, Belka's tax revenues to the budget do not account for even 1 percent. Capital gains tax is at the forefront of the main discouraging issues in the National Investor Survey. (...)

This tax has a negative impact on the motivation of many Poles to invest in the Polish economy through the Stock Exchange. This state is reflected in the low percentage of individual investors on the WSE compared to the 90s and 2004-2008. " - wrote the president of the foundation, Rafał Zaorski.

The content of the appeal has just been published, and its creators began to collect signatures for the civil bill to abolish Belka's tax. After several dozen minutes it was signed by over 500 people.