He added that the move could bring in an estimated PLN 1.5–2 billion to the state budget in 2026.
Speaking to private broadcaster Radio ZET on Wednesday, Domański rejected the idea of a broader windfall tax on bank profits, noting that “bank earnings are directly linked to NBP policy,” especially the relatively high interest rates in Poland compared to the eurozone.
He pointed out that Polish banks remain undercapitalised in comparison with their western European counterparts but said the government is targeting “inefficiencies” in the system.
“One such inefficiency is that the reserve requirement held by banks at the NBP is highly remunerated – over 5 percent,” Domański said. “In most European countries, these reserves are not interest-bearing. That’s why we are working on a specific tax targeting interest earned on mandatory reserves.”
The idea of a windfall tax on bank profits had been previously floated by Regional Policy Minister Katarzyna Pełczyńska-Nałęcz, who argued that such a measure could help finance national defence.
Domański also confirmed that his ministry is finalising work on changes to Poland’s capital gains tax and reiterated the government’s intention to raise the tax-free threshold on personal income.
“We are considering various scenarios and options, but the proposal remains on the table,” he said.
On the broader economic front, Domański dismissed the possibility of Poland joining the eurozone within the next decade, saying that the country does not currently meet convergence criteria and that the Polish zloty acts as an “automatic stabiliser” during periods of global market volatility.
Asked about Poland’s record-high defence spending – currently at 4.7 percent of GDP – Domański said it was a necessary response to the geopolitical situation.
“Security is our absolute priority,” he said.
However, he expressed caution about President Andrzej Duda’s proposal to enshrine a minimum 4-percent defence spending commitment in the constitution.
“That would be tying the hands of future governments," Domański said. "We need flexibility.”
The finance minister also voiced support for reducing VAT on rail travel to zero, calling it “an important proposal” that his ministry would examine.
Finally, he defended the government’s EUR 65 million investment in Polish astronaut Sławosz Uznański-Wiśniewski’s space mission.
“It will pay off many times over,” Domański said, citing the long-term strategic value of developing Poland’s space and high-tech industries.
(rt/gs)
Source: PAP