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Theoretical background: Bank tax was introduced in Poland in February 2016. As a consequence, several banks with assets surpassing certain value need to cope with the additional burden.
Purpose of the article: The aim of the research is to verify whether Polish banks that nominally are subject to the bank tax indeed shifted onto their clients most of the cost connected with this new levy and, thus, now these are the clients who effectively bear the burden of bank tax.
Research methods: The analysis is based on monthly data for the years 2010-2021, for which a multilayer comparison of performance of banks subject to the bank tax was made from various perspectives: (1) before and after the introduction of bank tax and (2) with remaining banks not subject to a bank tax - which serve as a control sample. The analysis took into account the composition of Polish bank sector, while focusing on the development of: (1) revenues, costs and income from commissions and charges, (2) revenues and income from interest, (3) level of commissions and charges as well as interest imposed on different bank products, (4) banks profitability, (5) their balance sheet total and (6) ROA.
Main findings: The analysis does not confirm increases in revenues of commercial banks and foreign branches following the introduction of the bank levy, whereas the profitability and ROA of these banks worsened significantly. At the same time, the performance of banks not affected by the levy did not deteriorate, which allows to conclude that banks did not manage to shift the cost of bank tax onto their customers. Conclusions are important primarily from the perspective of fiscal policy (they answer the question on effective tax incidence) and supervisory policy (to what extent the introduction of the tax erodes the performance of the banking sector, inhibiting the accumulation of capital determining the level of financial stability).(original abstract)
Purpose of the article: The aim of the research is to verify whether Polish banks that nominally are subject to the bank tax indeed shifted onto their clients most of the cost connected with this new levy and, thus, now these are the clients who effectively bear the burden of bank tax.
Research methods: The analysis is based on monthly data for the years 2010-2021, for which a multilayer comparison of performance of banks subject to the bank tax was made from various perspectives: (1) before and after the introduction of bank tax and (2) with remaining banks not subject to a bank tax - which serve as a control sample. The analysis took into account the composition of Polish bank sector, while focusing on the development of: (1) revenues, costs and income from commissions and charges, (2) revenues and income from interest, (3) level of commissions and charges as well as interest imposed on different bank products, (4) banks profitability, (5) their balance sheet total and (6) ROA.
Main findings: The analysis does not confirm increases in revenues of commercial banks and foreign branches following the introduction of the bank levy, whereas the profitability and ROA of these banks worsened significantly. At the same time, the performance of banks not affected by the levy did not deteriorate, which allows to conclude that banks did not manage to shift the cost of bank tax onto their customers. Conclusions are important primarily from the perspective of fiscal policy (they answer the question on effective tax incidence) and supervisory policy (to what extent the introduction of the tax erodes the performance of the banking sector, inhibiting the accumulation of capital determining the level of financial stability).(original abstract)
Rocznik
Tom
Numer
Strony
61--87
Opis fizyczny
Twórcy
autor
- Bialystok University of Technology
autor
- Bialystok University of Technology, Poland
autor
- Warsaw School of Economics, Poland
Bibliografia
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- Albertazzi, U., & Gambacorta, L. (2010). Bank profitability and taxation. Journal of Banking and Finance, 34(11), 2801-2810.
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- Boscá, J.E., Doménech, R., Ferri, J., & Rubio-Ramírez, J. (2019). Macroeconomic effects of taxes on banking. BBVA Research, Working Paper, 19/05. Retrieved from https://www.bbvaresearch.com/wp-content/uploads/2019/03/WP_Macroeconomic_Effects_of_Taxes_on_Banking.pdf
- Buch, C.M., Hilberg, B., & Tonzer, L. (2016). Taxing banks: An evaluation of the German bank levy. Journal of Banking & Finance, 72(C), 52-66.
- Capelle-Blancard, G., & Havrylchyk, O. (2017). Incidence of bank levy and bank market power. Review of Finance, 21(3), 1023-1046. doi:10.1093/rof/rfw069
- Chiorazzo, V., & Milani, C. (2011). The impact of taxation on bank profits: Evidence from EU banks. Journal of Banking and Finance, 35(12), 3202-3212. doi:10.1016/j.jbankfin.2011.05.002
- Claessens, S., Keen, M., & Pazarbasioglu, C. (2010). Financial Sector Taxation. The IMF's Report to the G-20 and Background Material. Retrieved from http://www.imf.org/external/np/seminars/eng/2010/paris/pdf/090110.pdf
- Dec, P., & Masiukiewicz, P. (2013). Podatek bankowy. Warszawa: C.H. Beck.
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- Famulska, T. (1993). System opodatkowania przedsiębiorstw w Polsce. In K. Znaniecka (Ed.), Finanse w procesie urynkowienia gospodarki (pp. 8-18). Katowice: AE.
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- Giżyński, J. (2021). Four years of tax levy on certain financial institutions in Poland - implications for the banking sector. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 65(2), 33-56.
- Janik, R. (2018). Podatek bankowy - kula u nogi bankowców czy koszt przerzucony na klientów? Retrieved from https://www.najlepszekonto.pl/kto-placi-podatek-bankowy
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- KNF. (2021). Dane miesięczne sektora bankowego - sierpień 2022. Retrieved from https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fwww.knf.gov.pl%2Fknf%2Fpl%2Fkomponenty%2Fimg%2F2022_08_Dane_statystyczne_PL_79909.xlsx&wdOrigin=BROWSELINK
- Kogler, M. (2016). On the incidence of bank levies: Theory and evidence. Discussion Paper, 2016-06. University of St. Gallen.
- Kogler, M. (2019). On the incidence of bank levies: Theory and evidence. International Tax and Public Finance, 26(4), 677-718.
- Kozińska, M., & Zaleska, M. (2018). Sprawozdawczość bankowa i ocena kondycji finansowej banku. In M. Zaleska (Ed.), Świat bankowości (pp. 590-623). Warszawa: Difin.
- Kozłowska, A. (2017). Podatek bankowy w krajach UE - wybrane aspekty. Kwartalnik Nauk o Przedsiębiorstwie, 2, 88-100.
- Mara, E.-R. (2012). Taxation of financial sector after the crisis in the European Union. Annals of Faculty of Economics, University of Oradea, 1(2), 477-482.
- Marcinkowska, M. (2011). Dodatkowe podatki i opłaty od banków - potrzeby praktyki i dylematy teorii finansów. In K. Jajuga (Ed.), Finanse - nowe wyzwania teorii i praktyki. Problemy wiodące (pp. 100-127). Wrocław: UE.
- Martysz, Cz., & Bartlewski, B. (2018). Podatek bankowy - koncepcja europejska i studium przypadków wybranych krajów UE. Studia BAS, 1(53), 101-133.
- Mielczarek, M. (2020). Efekty fiskalne wprowadzenia podatku bankowego w Polsce. Wroclaw Economic Review, 26(2), 123-143.
- Osvát, K., & Osvát, S. (2010). Bank tax in Hungary. Quick analysis on a debated pioneering step. The idea is not popular down under. Working Paper Series, 1(2). Retrieved from https://openresearch-repository.anu.edu.au/bitstream/1885/146153/1/2010-2_Bank-Tax-Hungary.pdf
- Owsiak, S. (2017). Finanse publiczne. Współczesne ujęcie. Warszawa: PWN.
- Pawłowicz, L. (2015). Stanowisko Instytutu Badań nad Gospodarką Rynkową wobec opodatkowania banków w Polsce. Bezpieczny Bank, 4(61), 200-211.
- Puławska, K. (2021). The effect of bank levy introduction on commercial banks in Europe. Journal of Risk and Financial Management, 14(6), 279. doi:10.3390/jrfm14060279
- Schandlbauer, A. (2013). How do financial institutions react to a tax increase? FDIC. Retrieved from https://www.fdic.gov/analysis/cfr/bank-research-conference/annual-13th/schandlbauer.pdf
- Smoleń, P., & Wójtowicz, W. (Eds.) (2021). Prawo podatkowe. Warszawa: C.H. Beck.
- Stypułkowski, C. (2020). Przemyśleć podatek bankowy. Dziennik Gazeta Prawna. Retrieved from https://edgp.gazetaprawna.pl/e-wydanie/57312,10-lipca-2020/70837,Dziennik-Gazeta-Prawna/726273,Przemyslec-podatek-bankowy.html
- Twarowska-Ratajczak, M. (2018). Przerzucalność podatku od niektórych instytucji finansowych - skutki wprowadzenia podatku dla klientów instytucji finansowych w Polsce. Studia Ekonomiczne. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach, 363(14), 99-112. Retrieved from https://www.ue.katowice.pl/fileadmin/user_upload/wydawnictwo/SE_Artyku%C5%82y_361_380/SE_363/09.pdf
- Ustawa z dnia 15 stycznia 2016 r. o podatku od niektórych instytucji finansowych (Dz.U. 2022 poz. 1685) [Act on Tax on Certain Financial Institutions of 15 January 2016 (Journal of Laws of 2022, pos. 1685)].
- Weder di Mauro, B. (2010). Quantitative impact of taxing or regulating systemic risk. In S. Claessens, M. Keen, & C. Pazarbasioglu (Eds.), Financial Sector Taxation. The IMF's Report to the G-20 and Background Material (pp. 96-105). Retrieved from http://www.imf.org/external/np/seminars/eng/2010/paris/pdf/090110.pdf
- Wiśniewski, M. (2017). Przerzucalność podatku bankowego w Polsce - próba oceny skali zjawiska. Annales Universitatis Mariae Curie-Skłodowska, sectio H, 51(4), 347-355. doi:10.17951/h.2017.51.4.347
- Zaleska, M. (2021). Reakcja sieci bezpieczeństwa finansowego na wybuch pandemii COVID-19. In M. Zaleska (Ed.), Wpływ COVID-19 na finanse. Polska perspektywa (pp. 38-71). Warszawa: Difin.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171663584
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