New savings tax in 2027: How much will you save with an OKI?

From 2027, you will pay a new tax on the value of assets; however, by using an OKI account, you can obtain a tax exemption for savings of up to 25,000 PLN or 100,000 PLN, depending on the type of assets held. This systemic change opens a new chapter in Polish tax law, where the capital itself becomes the subject of taxation, not just the profit generated by it. For investors, this means the necessity of recalculating their strategies before the tax authority's first decisions come into effect.

Mechanics of the asset value tax

The introduction of the levy in 2027 shifts the center of gravity in the Polish fiscal system. The existing Belka tax, collected on capital gains, remains in force. This means a situation where an investor pays 19 percent on generated profit and, additionally, must account for their held assets if they exceed the limits set by the legislator. The new levy is not dependent on investment performance. Regardless of whether your assets generated a positive or negative rate of return, their value above the exemption threshold will become the basis for calculating the tax.

This structure forces citizens to move away from passively accumulating cash in ordinary accounts. The Ministry of Finance, by introducing Personal Investment Accounts, has created a kind of safe haven designed to limit the negative effects of introducing the new tax. However, a Personal Investment Account is not a universal solution for every type of capital. Its effectiveness depends on which asset class you decide to hold in it.

Exemption limits – precise asset classification

The division of exemption limits is not accidental. The legislator has introduced two thresholds: 25,000 PLN and 100,000 PLN. This difference is crucial for portfolio management. Instruments with a lower protection limit are usually those that Poles choose most often, treating them as a safe haven for cash. Instruments with a higher exemption limit are assets that require greater market knowledge and involve higher investment risk.

The table below presents a summary of the asset value tax exemption limits within an OKI:

| Asset Type | Exemption Limit (OKI) |
| :--- | :--- |
| Bank deposits | 25,000 PLN |
| Bonds | 25,000 PLN |
| Stocks | 100,000 PLN |
| Investment fund units | 100,000 PLN |

This balance of power clearly suggests the direction in which the state wants to stimulate capital flow. Instead of keeping savings in low-interest deposits, investors are encouraged to move funds toward the stock market and funds. For those accustomed to conservative saving, the 25,000 PLN limit means a very early entry into the taxation zone. Exceeding this threshold on a deposit will mean that every subsequent zloty above the limit will be subject to the new levy.

Case study: an investor with a 150,000 PLN portfolio

Let's consider how these regulations will affect the real finances of a specific investor. Assume you have 150,000 PLN divided into two types of assets: 50,000 PLN in a bank deposit and 100,000 PLN invested in stocks of publicly traded companies. All these funds are in your OKI account.

After the regulations come into force in 2027, the calculation of the tax base for the new levy will look as follows:

1. **Bank deposits:** You have 50,000 PLN. The exemption limit for this type of asset is 25,000 PLN. Therefore, the difference, i.e., 25,000 PLN, is subject to the asset value tax.
2. **Stocks:** You have 100,000 PLN. The exemption limit for stocks is 100,000 PLN. This means that your entire stock portfolio falls within the limit and is not subject to the new asset value tax.

In this scenario, the investor will pay the asset value tax only on 25,000 PLN from the deposit. If you decided to keep the entire 150,000 PLN exclusively in bank deposits, the tax base would be 125,000 PLN (150,000 minus the 25,000 limit). The difference in burdens is therefore measurable and directly affects the profitability of your capital.

It is worth remembering that the Belka tax is still calculated on generated profits. If your deposit earns interest, you will pay 19 percent tax on it, and additionally, you will pay the new asset value tax on the amount exceeding 25,000 PLN. This double burden makes portfolio composition optimization a priority issue.

Strategy for savers

Is an OKI a solution that actually protects savings? The answer is: yes, but only within specific limits. An OKI serves primarily as a tax shield. For an investor who consciously manages diversification, this account allows for the effective use of higher limits assigned to stocks and funds. However, if your strategy is based solely on safe debt instruments, such as bonds or deposits, you must count on the fact that the tax authority will reach for a portion of your capital sooner.

The key question remains the frequency of asset valuation. The regulations do not yet specify whether the portfolio value will be checked daily or perhaps at the end of the calendar year. This technical detail will be of huge importance for people whose capital hovers near the limits. If the valuation is continuous, any surplus temporarily deposited into the account could trigger a tax assessment.

Savers must also take into account the issue of inflation. If the exemption limits (25,000 PLN and 100,000 PLN) are not indexed, the real value of assets protected from tax will fall with each passing year. This means that in five or ten years, the same amounts will allow for the protection of a much smaller portion of your savings than in 2027.

Hooks and ambiguities

Many questions have arisen around Personal Investment Accounts, to which official government communications provide very vague answers. The most important of these is the issue of the possibility of holding several OKI accounts in different financial institutions. If the regulations allow for opening several such accounts, it creates room for abuse or optimization by splitting capital. However, if the 25,000 PLN or 100,000 PLN limit is assigned to the taxpayer and not to the account, then any attempt to bypass these restrictions will be doomed to failure.

Another issue remains the liquidity of investments. In the case of stocks or fund units, their market valuation changes dynamically. If the stock market records a bull market and your portfolio value exceeds 100,000 PLN, you will automatically become a payer of the new tax, even if you haven't sold a single share. This is a situation where the growth in the value of your investments will be punished by the state, which may discourage long-term holding of a profitable position.

What this means in practice

For the average Pole, 2027 means the end of the "set and forget" era, i.e., simply keeping funds in a savings account. Anyone who has more than 25,000 PLN in cash or bonds must start thinking about moving part of their capital into other assets if they want to avoid the new levy. Remember that the Belka tax remains untouched – investors will have to pay both the capital gains tax and the new levy on the value of accumulated funds above the statutory thresholds.

This situation forces investors to seek financial education. It is no longer possible to safely manage wealth without understanding how the state classifies your savings. If optimization actions are not taken before 2027, one can expect a real depletion of capital. The choice between bonds and stocks will no longer be just a matter of risk appetite, but a pure tax calculation.

Questions and answers

Will the Belka tax be abolished in 2027?

No, the Belka tax remains in force despite the introduction of the new asset value tax. Investors will have to settle both levies simultaneously.

From what amount will I pay the new tax?

The tax will be paid by people whose savings exceed the exemption limits set for OKI accounts. These are 25,000 PLN for deposits and bonds, and 100,000 PLN for stocks and investment fund units.

Are bank deposits covered by the exemption within an OKI?

Yes, bank deposits are covered by the exemption, but only up to the 25,000 PLN limit. Any amount above this threshold will be the basis for calculating the new asset value tax.

Can an increase in stock value on the stock exchange cause a tax obligation, even if I don't sell the shares?

Yes, because the tax is calculated on the value of assets accumulated in the account, not on the profit from their sale. If the valuation of your stock portfolio exceeds 100,000 PLN, you will exceed the exemption threshold, which may result in an obligation to pay tax on the surplus.

What will happen if my assets lose value?

If the value of your assets falls below the statutory limits, you will cease to be a payer of the new asset value tax. However, you will still be subject to the Belka tax on any capital gains that were generated before the drop in value.

Is there a way to avoid the tax with capital exceeding the limits?

According to available information, the only statutory exemption mechanism is Personal Investment Accounts. No other reliefs have been provided for capital exceeding the indicated limits, which makes optimization within an OKI the only legal way to protect wealth. It is worth monitoring official communications from the Ministry of Finance regarding the technical details of asset valuation.