Poland’s Finance Minister, Pawel Szalamacha has clarified the nature of his party, Law & Justice’s proposed banking tax. 

Many believe that Poland is to introduce a banking transaction tax now power has changed hands in the country. However, the Finance Minister has said that the tax will be based on the size of a particular bank’s assets.

He said that, “Our base scenario is a tax on assets, there will be no tax on transactions.” It is understood the banking tax on assets will be in the region of 0.39%.

Development Minister, Mateusz Morawiecki said that the tax could be implemented as soon as 1st January 2016.

He added that the 2% tax on large retailers (most of which are foreign), will be implemented at the same time.