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. Last Updated: 07/27/2016

Stock Sale Tax Passed in Poland

WARSAW, Poland -- Poland's parliament has approved a bill imposing a tax on stock market transactions next year in a move that opponents said could hamper the fledgling market's growth.

The tax, which will not exceed 0.3 percent, will be paid by investors selling shares irrespective of whether they profit by the transaction.

The Sejm, Parliament's powerful lower house, voted 249-82 with 10 abstentions last week in favor of the bill proposed by the leftist government to increase budget revenues. Deputies lowered the tax from 0.5 percent as originally proposed and decided the final level will be set by the finance minister.

Imposition of the tax has been the subject of heated debate for months. Criticism came from stock-exchange authorities and businessmen, along with some Cabinet members who feared it could hamper further development of the stock market.

The Warsaw Stock Exchange, revived in 1991 after more than 50 years, has been considered one of the world's leading developing markets. On Oct. 10, it was admitted as the first full member from central and eastern Europe to the International Federation of Stock Exchanges.

On Friday, the Sejm also decided to maintain for 1995 the three-level personal income tax.