Potencjalne implikacje podatku od transakcji finansowych dla rynku i inwestorów na Giełdzie Papierów Wartościowych w Warszawie
Potential implications of the financial transaction tax for the market and investors on the Warsaw Stock Exchange

Author(s): Przemysław Gerschmann, Anna Siwiec, Wojciech Świder
Subject(s): Economy, National Economy, Business Economy / Management, Law on Economics, Financial Markets, Public Finances, Fiscal Politics / Budgeting
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: podatek od transakcji finansowych (FTT);inwestycje giełdowe;Giełda Papierów Wartościowych w Warszawie;
Summary/Abstract: Purpose: The main aim of the chapter was to present the idea and the current state of work on the financial transaction tax (FTT) at the national and EU level. Moreover, in the empirical part, it was decided to estimate the burden of this tax on investors on the Warsaw Stock Exchange in order to assess the legitimacy of introducing FTT from the point of view of the domestic capital market. Design/methodology/approach: The research method used in this chapter is the review of the literature and legal acts concerning the financial transaction tax (FTT). In the empirical part, the tax burden on investors on the Warsaw Stock Exchange (WSE) was estimated. Additionally, based on data collected from the WSE and the tax rate proposed in the 2015 Polish FTT project,a simulation of the state budget revenues from this tax was carried out. Findings: The amount of the state budget revenues from the financial transaction tax on the Warsaw Stock Exchange estimated in the chapter is between PLN 416.1 and 654.4 million. The estimates were made taking into account the stock exchange turnover in 2015–2020 and assuming the tax burden only on individual investors trading instruments on their own behalf. The introduction of the tax with the rate proposed in the 2015 FTT project was assessed negatively, taking into account the further development of the Polish capital market and the competitiveness of GPW S.A. compared to other European exchanges. In the event of a possible implementation of the FTT in the future, it is the amount of the tax rate that is important. FTT should be introduced with a lower rate than the proposed one, and bearing in mind the time—tax should be proposed in the period of high volume and low volatility on the WSE. There after, the tax rate could be increased if turnover and volatility were not distorted.

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