Poland’s President has signed into law a Bill on the Tax on Financial Institutions which was published in the Official Journal on 15 January 2016. According to the law the tax rate will be 0.0366% of the taxable base and the tax will be charged on the total value of assets exceeding PLN 4 billion on domestic banks, branches of foreign banks, branches of credit institutions, and cooperative savings and credit institutions. The tax will also be charged on domestic insurance and reinsurance companies, branches of foreign insurance and reinsurance companies, and main branches of foreign insurance and reinsurance companies when total value of assets is PLN 2 billion. The Law will be effective from 1 February 2016.