Bank tax exemption for repo transactions concluded on TBSP and cleared by KDPW_CCP 

The Act of 16 November 2022 amending the Act on taxation of certain financial institutions and certain other acts, which entered into force on 1 January 2023, provides for a reduction of the tax base by the value of assets resulting from a repo transaction in Treasury securities where the other counterparty to the transaction is an entity other than the State Treasury, the National Bank of Poland or the Bank Guarantee Fund, provided that both of the following conditions are met:

• the transaction is concluded on a regulated market or in an alternative trading system,
• the transaction is subject to clearing by KDPW_CCP.