On 15 January 2016, Poland's President Andrzej Duda signed into law the legislation introducing the tax on financial institutions. Although different rates for banks and insurance companies were originally proposed, the final rate signed into law is 0.0366% per month based on the total value of assets exceeding: PLN 4 billion (~USD 1 billion) for banks, including branches of foreign banks; PLN 2 billion (~USD 500 million) for insurance and reinsurance companies, including branches of foreign companies; and PLN 200 million (~USD 50 million) for consumer credit institutions. Certain reductions in the tax base  apply depending on the institution type. The...