Poland to forego tax on Swiss franc mortgage re-denomination
PR dla Zagranicy
Aleksander Nowacki
18.02.2015 14:02
Poland will not tax the paper gains accrued to homeowners from the proposed one-off conversion of Swiss franc-denominated mortgages to the Polish złoty, Finance Minister Mateusz Szczurek said.
Photo: PAP/Radek Pietruszka
An estimated 600,000 Polish households face crippling debts after the Swiss central bank broke its currency peg to the euro, sending the “Swissie” soaring 30 percent in a single day of trading in January.
Amid allegations of widespread misspelling of franc-denominated mortgages, the Financial Supervision Authority (KNF) proposed a consensual deal between banks and borrowers to convert the loans to the Polish złoty at the current exchange rate with part of the debt becoming an unsecured cash loan. The lenders would forgive half of the unsecured debt under the financial regulator’s proposal.
Szczurek said the government would support this solution to the Swiss franc problem by not taxing the paper profits borrowers would make on such a deal. (an)
Source: PAP