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Polish Lawmakers Vote For New 50% Top Tax Rate

by Ulrika Lomas, Tax-News.com, Brussels

26 October 2004

The lower house of the Polish parliament has voted to approve a measure ushering in a new 50% income tax rate on the country’s top earners.

The new law, passed in the lower chamber, the Sejm, in a 325 to 67 vote, will create a fourth income tax bracket and affect taxpayers earning more than PZL600,000 ($175,380) per year.

It has been estimated that the measure will raise PLZ240 million and according to Krzysztof Janik, a party leader with the ruling Democratic Left Alliance, the money will be directed towards “some socially important goal.”

However, critics have dismissed the move as a politically motivated gimmick ahead of parliamentary elections next year.

Presently, Poland has three personal income tax brackets, taxed at 19%, 30%, and 40%.

Poland is also attempting to raise additional revenues in order to bring its budget deficit, currently 4.9%, in line with European rules, which places a 3% ceiling on governments’ fiscal shortfalls.

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