|The Regulation of the Minister for Economic Development and Finance of 21 November 2017 on abandoning the collection of income tax on some income (revenues) relating to housing mortgage loans
and is effective from 1 January 2017 to 31 December 2018
|Thereunder, the personal income tax shall not be collected on:
- amounts written off by the lender under the loans taken to satisfy the borrowers’ housing needs, provided that the taxpayers did not make use of a write-off of another mortgage loan received for their own housing needs, and
- amounts of income under repayment of the loan taken for one’s own housing needs and collateralised with a mortgage, below its nominal value due to application by the lender of a negative interest rate.
For the corporate income tax, tax shall not be collected on the income being equivalent to written off credit liabilities, starting from the portion of principal where abandoning of the CIT collection begins under the said regulation. The solution is to apply to the CIT taxpayers licensed to grant loans under other acts.
|Recommendation C on concentration risk management
||1 January 2017
||The PFSA recommendation supplements and expands on the issues of concentration risk management at banks.
|The Act on amendment to the act on payment services and certain other acts of 30 November 2016
||8 February 2017 with an 18-month transition period for performance of the most significant duties by banks
||The Act implements the provisions of Directive 2014/92/EU (PAD). The amendment extends the disclosure duties towards consumers concerning, inter alia, the fees charged under the account-related services. The new provisions also set out the principles of consumer access to the so-called primary account and the principles of moving the consumer payment accounts.
|Act on Common Reporting Standard of 9 March 2017
||1 May 2017 with a transition period for performance of the reporting duties by banks
||The so-called CRS Act implements Directive 2014/107/EU. The provisions of the Act introduce the financial institutions’ duties regarding automatic exchange of tax information on reported accounts.
|The Regulation of the Minister for Economic Development and Finance on risk management system
and internal control system, remuneration policy and detailed manner of internal capital quantification at banks of 6 March 2017
|1 May 2017
||The regulation superseded PFSA Resolution 258/2011. The provisions of the regulation define a detailed manner of functioning of the risk management system and internal control system at banks. The regulation also covers a detailed scope of the remuneration policy and its determination mode as well as a detailed manner of internal capital quantification.
|The Act on amending the Act on Trading in Financial Instruments and Certain Other Acts of 10 February 2017
||5 May 2017
||The Act implements the provisions of Directive 2014/57/EU of 16 April 2014 on criminal sanctions for market abuse (MAD) and serves applying Regulation No. 596/2014 on market abuse (MAR).
|The Act on Statutory Auditors, Auditing Firms and Public Oversight of 11 May 2017
||21 June 2017,
with a transition period for bringing the audit committee composition into line with the new requirements
|The new provisions follow the European Union regulations (implementation of Directive 2014/56/EU and use of Regulation 537/2014). The Act concerns, among others, the audit committee responsibilities in public interest entities (which also covers banks) and the relationships with auditing firms authorised to audit financial statements.
|Act on Mortgage Loans
and Supervision over Mortgage Loan Brokers and
Agents of 23 March 2017
|22 July 2017 (concerns the majority of provisions)
||The Act sets out the principles and mode of concluding the mortgage loan agreements. The new provisions regulate the rights and duties of lenders and borrowers, mortgage loan brokers and agents. They cover the information disclosed prior to concluding a mortgage loan agreement and the procedure in the course of the agreement.
|Recommendation H concerning internal control system at banks
||31 December 2017
||The Recommendation is a collection of good practices as regards the internal control system at banks which expand on the current laws.
|The Act amending the Personal Income Tax Act,
the Corporate Income Tax Act and the Act on the Flat-Rate Income Tax on Some Income Earned by Natural Persons of 27 October 2017
|1 January 2018
||Among the main amendments having an impact on the tax issues of, among others, the financial sector one may list:
- amending the principles of including in the banks’ tax base the provisions formed for the business risk of banks and the provisions formed by the banks that apply the International Accounting Standards to making loss allowance for expected credit losses – IFRS 9;
- ring-fencing in the Corporate Income Tax Act the sources of income in the form of capital gains and separating the income earned from that source from the taxpayers’ other income;
- modifying the provisions limiting the amount of the interest deducted (costs of debt financing), known as “thin capitalisation” – financial institutions have been excluded from that modification;
- introducing the provisions limiting the amount of tax deductible costs linked to the intangible services agreements (licence agreements, advisory, management and control services, for example) and associated with the use of intangible assets, as well as the provisions clarifying the definition of “acquisition” of an intangible assets item;
- amending the regulation that enables recognition under tax deductible costs of the losses under the paid disposal of the debt claim formerly recognised as the income due by reducing the amount of the losses to the previously recognised income.
|Regulation (EU) No. 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and
insurance-based investment products
|The Regulation has been effective since 1 January 2018
||The Regulation introduces a common standard for documents with the key information on the so-called packaged retail and insurance-based investment products. It covers, for example, mutual funds, structured deposits (combination of bank deposits with investment solutions) and insurance policies with an investment element.
|Regulation (EU) No. 600/2014 of the European Parliament and of the Council and Directive No. 2014/65/UE of the European Parliament and of the Council on markets in financial instruments
||The MiFIR has been directly applied since 3 January 2018. The Directive needs to be implemented into Polish law.
||The package of provisions contained in the Regulation (MiFIR) and Directive (MiFID II) as well as in the secondary legislation issued thereunder establishes new regulations regarding provision of investment services. The European Union provisions impose the duties relating to, inter alia, investor protection and market transparency on the financial market entities.
|The Act on amending certain acts to prevent the use of the financial sector for tax frauds of 24 November 2017
||Most of the provisions of the Act took effect on 13 January 2018. The Act specifies transition periods for the banks to adapt to the new duties.
||The Act provides for the Head of the National Revenue Administration analysing the risk of the banks being used to commit tax crimes. To that end, he or she will use the analysis prepared by the National Clearing House which will determine in its ICT system the risk ratios on the basis of the data obtained from banks and credit unions.
|Regulation (EU) No. 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data
||The Regulation takes effect as of 25 May 2018.
||The General Data Protection Regulation constitutes a new, comprehensive regulation pertaining to the processing of the personal data of natural persons by entrepreneurs. The new provisions set out the principles of personal data protection, the rights of data subjects, the duties of the controller and the processor as well as the competence of regulators. The regulation creates the duty to report incidents and infringement upon personal data protection to supervisory bodies.
|The Act of on amendment to the Value-Added Tax Law and certain other acts of 15 December 2017
||1 July 2018
||The amendment introduces the so-called split payment mechanism for the Value-Added Tax Under the solution, the payment for the goods or services purchased is made in such a way that the payment corresponding to the net sales value is remitted by the buyer to the clearing account or it is settled differently, while the rest of the payment being the VAT amount is remitted to a dedicated bank account – i.e. VAT account. It entails the banks’ duties to maintain the VAT accounts.
|Insurance Distribution Act of 15 December 2017
||28 February 2018
||The new provisions result from the implementation of Directive 2016/97 on insurance distribution. The Act covers the duties of the insurance distributing entities. It provides for, in particular, the disclosure duties towards clients, an adequate remuneration system and training duties.
|Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market
||The Directive awaits implementation into Polish law.
||The PSD II establishes new regulations regarding provision of payment services. The provisions of the directive introduce, among others, the duty to use the so-called strong user authentication mechanism by payment services providers. Moreover, the distribution of the responsibility between banks and users for unauthorised payment transactions will be changed.
|Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing
||The Directive awaits implementation into Polish law.
||The anti-money laundering directive (AMLD) introduces, inter alia, wider duties relating to the banks’ assessing the money laundering and terrorist financing risk, including the amendments to the procedure of using the financial security measures. It also provides for introducing the register of information on corporate persons’ ultimate beneficial owners and other legal entities.
|The Recommendation Z on the internal governance principles at banks
||The PFSA draft recommendation is a collection of good practices as regards the internal governance principles. Internal governance includes but is not limited to the bank management system, bank organisation, operating mode, rights, duties and responsibility as well as mutual relations between the supervisory board, management board and key function holders at a bank.