The capital gains tax is one of the key levies that affect investors, and potential changes to it are drawing significant attention. Abolishing the so-called “Belka tax” was one of the main campaign promises of the ruling coalition. However, with each new update, taxpayers are merely informed that work on the planned reforms is still ongoing, with no deadlines for their completion.
While a longer legislative process could help clarify uncertainties or prevent unfavorable provisions, a swift resolution would be beneficial for the attractiveness of capital investments.
The proposed changes have been repeatedly postponed. Initially, the draft was expected in May, but that month it was pushed to the summer. Karol Nawrocki announced that a proposal to abolish the Belka tax—exempting capital gains up to PLN 140,000 per year—would be submitted on August 6, the first official day of his presidential term.
The Ministry of Finance is currently working on amendments to the Personal Income Tax Act, particularly with regard to the taxation of capital investment gains. Among the proposals under consideration is preferential tax treatment for long-term capital investments.
Deputy Minister Jarosław Neneman explained that due to the complexity of the regulations, the various concepts require thorough analysis and a comprehensive approach. Final proposals will only be presented after the analytical work is completed and a consensus is reached on the shape of the new rules. At present, the Ministry is unable to provide a specific date for publishing the proposed framework.
Further delays, especially without a defined timeline, may prove disappointing—especially considering that back in 2024, the Ministry presented detailed assumptions for the reform. According to those plans, the reform was to introduce two types of tax exemptions: for funds accumulated in special savings packages (including bonds and term deposits), and for income from capital market investments, such as the sale of publicly traded shares. Based on the NBP deposit rate and a PLN 100,000 cap, the value of the exemption was to be PLN 5,250. The reform also included changes to the responsibilities of financial institutions as tax remitters.
However, work on these proposals was not continued, as they were deemed unnecessarily complex from a settlement perspective, with relatively limited benefits for investors. As a result, the repeal of the Belka tax has become a symbol of unfulfilled campaign promises by the ruling coalition. Despite multiple announcements and detailed earlier plans, the reform has been postponed indefinitely due to the “complex nature of the regulations.” This has created a climate of uncertainty on the Polish capital market. Investors who had hoped for swift changes boosting long-term savings incentives must continue operating within the current, uncompetitive tax framework.