Osobiste Konta Inwestycyjne: propozycja rewizji reformy
Personal Investment Accounts: A Proposal to Revise the Reform

Summary/Abstract: This article provides a critical analysis of the government proposal for Personal Investment Accounts (OKI), aimed at mobilising household savings. The author indicates that introducing a hybrid tax on asset value as a voluntary alternative to capital gains tax will significantly increase the complexity of the tax system. Such a legal structure creates significant scope for tax arbitrage, allowing investors to selectively choose their form of taxation. In contrast to the proposed changes, the author presents three alternative reform models: fully replacing the capital gains tax with a tax on asset value, taxing capital income according to the general tax scale, or optimising the existing long-term saving instruments. The analysis also addresses the need to revise the current preferences for the real estate market, which distort the neutrality of savings allocation. Overall, the article calls for a more systemic and comprehensive approach to the policy of supporting savings and investments.

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