Publicly referred to as the "Sasin Tax," (named after the minister who is a man behind this idea) it aims to partially help fund Polish citizens in the face of rising energy prices. In theory, new tax is the Polish equivalent of the so-called "windfall tax" under discussions at the EU level.
The statements made so far show that the tax will most likely apply to all large enterprises (i.e. entities exceeding EUR 50 million in revenue). The tax itself is to be 50 percent on excess profits made as a result of excess margins. Jacek Sasin, the Minister of State Assets, claims that thanks to the tribute, over PLN 13.5 billion will go to the budget.
Who will pay the new tax?
We do not know yet which companies will be subject to the levy. The announced tax on excess profits at the moment is only a media announcement - not a specific draft of the regulations, hence it is too early for its substantive analysis. The preliminary calculations are that PLN 10 billion will be paid by 5 large state companies: PGNiG, PKN Orlen, JSW, PGE czy KGHM. The remaining PLN 3.5 billion will be paid by banks and large private businesses listed on the Warsaw Stock Exchange.
The proposed new tax raises a lot of controversy. Among other things, it raises questions about the timing of imposing new taxes during the ongoing fiscal year. A draft law on the tax on excess profits has already been submitted. According to information provided in the media, it may be discussed at the next meeting of the Council of Ministers.
