In recent months, increasing attention has been devoted to the new Personal Investment Accounts (OKI), which, according to the adopted legislation, are expected to become available from 1 January 2027. The new solution is intended to encourage long-term saving and investing through preferential tax treatment of capital investments. At the same time, taxpayers already have access to instruments that provide tangible tax benefits today, most notably the Individual Retirement Security Account (IKZE). This naturally raises the question of whether the introduction of OKI will change the way individuals approach saving and investing and whether IKZE will remain an attractive option.
IKZE – A Tax Benefit Available Today
For many years, IKZE has remained one of the most popular instruments combining long-term saving with an immediate tax benefit. Its greatest advantage is the ability to deduct contributions from the taxpayer’s tax base. In practice, this means that the tax benefit is realised already at the stage of the annual personal income tax return, regardless of whether the investment itself has generated any profit. The deduction is available to taxpayers who are taxed under:
- the progressive tax scale,
- the flat-rate 19% income tax regime,
- the lump-sum tax on registered revenues.
As a result, contributions made by the end of the year may lead to a real reduction in an individual's tax liability for the current tax year.
IKZE Limits for 2026
For 2026, the annual IKZE contribution limits amount to:
- PLN 11,304 for most taxpayers,
- PLN 16,956 for entrepreneurs.
The higher limit available to entrepreneurs is one of the most attractive features of the solution. In practice, many individuals conducting business activity make contributions corresponding only to the standard limit applicable to other taxpayers and therefore do not fully utilise the opportunities available to entrepreneurs. Additional contributions made before year-end may result in a further deduction from taxable income and a corresponding reduction in tax. From a tax planning perspective, the final months of the year are therefore an appropriate time to review contributions already made and assess whether the available limit has been fully utilised.
What Is OKI?
The Personal Investment Account (OKI) represents a completely different approach to encouraging savings and investment. Under the adopted framework, investment assets accumulated within an OKI will benefit from a tax exemption up to PLN 100,000. Savings-related assets, such as bank deposits or retail government bonds, may account for a maximum of PLN 25,000 of that amount. The OKI framework is expected to allow investments in, among others:
- shares,
- bonds,
- investment funds,
- ETFs and other financial instruments admitted to trading,
- bank deposits and selected savings products.
At the same time, assets exceeding the applicable limits will be subject to taxation. According to the current assumptions, the effective annual tax burden is expected to be approximately 0.8%–0.9%.
Will OKI Replace IKZE?
At first glance, the two solutions may appear to compete with one another. In reality, however, they serve different purposes. IKZE provides an immediate tax benefit through the deduction of contributions from taxable income. Importantly, unlike IKZE, OKI does not provide for any deduction of contributions from income reported in an annual tax return. Instead, the preference relates to the taxation of investments and accumulated assets. Put simply:
- IKZE helps reduce tax today, while
- OKI is designed to provide tax advantages in the future.
This distinction is significant.
For many taxpayers, the greatest value may continue to be the ability to reduce their taxable income immediately. This is particularly relevant for high-income individuals and entrepreneurs who regularly make use of available tax deductions.
For many taxpayers, the greatest value may continue to be the ability to reduce their taxable income immediately. This is particularly relevant for high-income individuals and entrepreneurs who regularly make use of available tax deductions.
Is It Worth Waiting for OKI?
The legislation introducing OKI has already been adopted by the Sejm and approved by the Senate. According to publicly available information, the new regulations are currently awaiting the President’s signature and are scheduled to enter into force on 1 January 2027. Despite the advanced legislative stage, it remains worth monitoring the final form of the regulations and their practical implementation. In particular, the operating rules for the new accounts, the method of calculating limits and the detailed taxation rules applicable to assets may prove important in practice. For this reason, postponing savings or investment decisions solely in anticipation of the introduction of OKI may not be justified.
PwC Comment
The introduction of Personal Investment Accounts may represent one of the most significant developments in the area of tax incentives for individual investors in recent years. This does not mean, however, that existing solutions will lose their relevance. In particular, IKZE remains an instrument that offers a tangible tax benefit already at the stage of the annual tax return. From a tax planning perspective, taxpayers should remember that the opportunity to utilise the 2026 IKZE contribution limits is available only until the end of the year. This is especially important for entrepreneurs benefiting from the increased contribution limit, for whom full utilisation of the available deduction may translate into a meaningful reduction of taxable income. At the same time, it is worth following the further development of OKI. In practice, the new solution may become an attractive complement to existing savings and investment vehicles. Nevertheless, it is difficult to imagine that it will completely replace the benefits arising from the ability to deduct IKZE contributions from taxable income on an ongoing basis.
Autorzy:
