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Poland Tax Guide 2025 - PIT-38
Belka Tax, Crypto, Derivatives & Foreign Brokers
Flat 19% Belka tax on capital gains, dividends, interest, derivatives and crypto, reported on PIT-38 (variant 18 for 2025), NBP T-1 conversion, statutory FIFO
Last updated: · Reflects the PIT-38(18) form for the 2025 tax year. Informational only - not tax advice.
THE ESSENTIALS FOR THE 2025 RETURN
FOREIGN BROKERS DON'T FILE FOR YOU
Revolut, IBKR, Degiro, Trading212 and eToro do not file a PIT-8C with the Polish tax office and do not convert to PLN. You self-report everything on PIT-38 - and you must file even at a loss to keep loss and crypto-cost carryforward alive.
FLAT 19% "BELKA" TAX
One rate - 19% - on capital gains, dividends, interest, derivatives and crypto. No brackets, no holding-period relief, no annual exempt amount.
FORM VARIANT 18, FILED 15 FEB – 30 APR 2026
The 2025 return uses PIT-38 variant 18 (2024 used variant 17, with different box numbers). Amounts are converted to PLN at the NBP Table A rate of the business day before each transaction (T-1), and cost basis is statutory FIFO, per broker account.
Why Polish Investment-Tax Filing Is Tricky
- -No PIT-8C from foreign brokers: you self-calculate every gain, dividend and interest payment
- -NBP T-1 conversion per leg: each buy and sell is converted at the rate of the business day before it - an implicit FX gain/loss on every position
- -Statutory FIFO per account: no free choice of LIFO/HIFO, and matching is per broker, not pooled
- -Crypto is a separate silo: its costs can't offset stock gains and carry forward on their own rules
- -One PIT/ZG per source country and a foreign-tax credit capped at 19% - easy to get wrong across several brokers
What Tax-Wizard Does For You
✅ Automated calculations
- NBP Table A T-1 conversion, per leg, with the rate and table date on every line
- Statutory FIFO applied per broker account
- Loss carryforward (50% / PLN 5M) and indefinite crypto-cost carryforward
- Foreign withholding credited per country, capped at 19%
📄 PIT-38-ready output
- Section C (securities & derivatives) mapped to the 2025 box numbers
- Section E/F crypto and one PIT/ZG per source country
- Solidarity-surcharge warning above PLN 1M of art. 30b income
- Optional e-Deklaracje XML validated against the official MF schema
Capital Gains - Stocks, ETFs & Bonds (Section C)
Net gains on securities are taxed at a flat 19%: sale proceeds − purchase price − transaction costs. There is no holding-period relief and no annual exempt amount. Because the acquisition price of specific pooled shares usually can't be singled out, the statutory FIFO rule applies (art. 24 ust. 10), separately per brokerage account.
What you can and can't deduct
Deductible costs:
- Purchase price of the securities
- Buy & sell commissions
- Stock-exchange & settlement fees
- Currency-conversion costs
- Subscription fees tied to the investment
Not deductible:
- Interest on loans used to buy investments
- General financial-advisory fees
- Internet / computer / data costs
- Trading courses & education
Accumulating ETFs are tax-efficient here
Poland has no deemed-distribution regime (unlike Germany's Vorabpauschale or Ireland's 8-year deemed disposal), so accumulating ETFs are taxed only on disposal at 19%. Internally reinvested dividends create no annual taxable event.
Worked example - securities
Buy 100 AAPL at $150 (NBP T-1 = 4.00 PLN/USD) → cost 60,000 PLN + 50 PLN commission = 60,050 PLN.
Sell at $180 (NBP T-1 = 4.10 PLN/USD) → revenue 73,800 PLN − 50 PLN = 73,750 PLN.
Gain = 13,700 PLN. Tax = 13,700 × 19% = 2,603 PLN. The FX move is baked in - you buy and sell at different PLN rates.
Derivatives - Options, Futures, CFDs & Forex
Gains and losses on derivatives (CFDs, futures, options, warrants, forward contracts, forex) are taxed at 19% and reported in Section C alongside securities, so derivative losses offset securities gains within the same art. 30b category. All amounts are converted at the NBP T-1 rate.
Options treatment
| Scenario | Tax treatment |
|---|---|
| Option expires worthless (buyer) | Loss = premium paid |
| Option expires worthless (writer) | Gain = premium received |
| Option sold before expiry | Gain/loss on the premium difference |
| Option exercised | Cost basis of the underlying adjusted by the premium |
Cryptocurrency (Section E/F, art. 30b ust. 1a)
Crypto is a separate silo: taxed at 19%, but its costs cannot offset stock or derivative gains. Unused acquisition costs carry forward indefinitely (in via field 38, out via field 40 on the 2025 form).
Which events are taxable
| Event | Taxable? | Notes |
|---|---|---|
| Buy crypto with fiat | No | Creates deductible cost |
| Sell crypto for fiat | Yes | 19% on revenue − costs |
| Crypto → crypto swap | No | Tax-neutral until fiat |
| Pay for goods/services in crypto | Yes | Treated as a disposal |
| Staking / airdrop / mining / fork | Not on receipt | Taxed when sold; cost basis 0 |
Worked example - crypto loss carried forward
2025 crypto sales revenue 754.56 PLN; acquisition cost of the coins sold 804.72 PLN. Income (field 39) = 0 - no crypto tax. The 50.16 PLN excess cost carries forward (field 40) to offset future crypto gains, indefinitely. You must file PIT-38 even in a year with only crypto purchases, to preserve those costs.
DeFi & NFTs
A gray area with limited KAS guidance: lending interest is likely taxable when withdrawn to fiat, liquidity-pool rewards are treated like staking, and NFTs follow the virtual-currency rules.
Dividends & Interest (Section G, art. 30a)
Foreign dividends and interest are taxed at 19% and self-reported. Foreign withholding tax is creditable up to the treaty rate and capped at the Polish 19% (field 48) - any excess is not creditable in Poland and can only be reclaimed in the source country. Attach one PIT/ZG per source country (the count goes in field 72).
Common dividend withholding rates
| Country | Default WHT | With W-8BEN / treaty |
|---|---|---|
| USA | 30% | 15% |
| Germany | 26.375% | 15% |
| France | 30% | 15% |
| Ireland | 25% | 15% |
| Netherlands | 15% | 15% |
| UK | 0% | 0% |
Worked example - US dividend with 15% withheld
Gross dividend 1,000 PLN (at NBP T-1). US withholding 15% = 150 PLN. Polish tax due = 1,000 × 19% = 190 PLN − 150 PLN credit = 40 PLN payable in Poland.
Cut US withholding with W-8BEN
File Form W-8BEN with your US broker to reduce US dividend withholding from 30% to 15% under the Poland–US treaty.
P2P Lending & Foreign Interest
Interest from P2P platforms and foreign bank deposits is taxed at 19% and self-reported. Bad-debt/defaulted-loan interest is still taxable if it was credited to your account; principal losses are generally not directly deductible.
| Platform | Foreign WHT | Action |
|---|---|---|
| Mintos (Latvia) | up to 5% (after DTA) | Report gross, claim the credit |
| Bondora (Estonia) | 0% | Report the full amount |
| Polish platforms | usually withheld | No action if correctly withheld |
Loss Carryforward (art. 9 ust. 3)
Capital losses carry forward for 5 years within the same income category. Up to the whole loss may be deducted in a single year subject to a one-time PLN 5,000,000 cap; beyond that, at most 50% of that year's loss per year. Crypto costs carry forward separately, with no annual limit. Since 2024, losses on investment-fund redemptions can offset other art. 30b gains. You must file even at a loss to keep the carryforward alive.
Worked example - the 50% rule
2024 loss: 20,000 PLN. 2025 gain: 15,000 PLN. Max deduction in 2025 = 50% × 20,000 = 10,000 PLN → taxable 5,000 PLN → tax 950 PLN. The remaining 10,000 PLN loss stays usable through 2029.
IKE / IKZE Retirement Accounts
Gains inside IKE and IKZE wrappers are tax-exempt (with conditions) and are excluded from PIT-38. In the wizard, flag any broker held inside an IKE/IKZE so its transactions are left out of the calculation.
| Account | 2025 contribution limit | Tax benefit |
|---|---|---|
| IKE | PLN 26,019 | Tax-free growth & withdrawal from age 60 |
| IKZE | PLN 10,407.60 (15,611.40 self-employed) | Contributions reduce taxable income; 10% flat tax on withdrawal from age 65 |
Solidarity Surcharge & Double Taxation
Solidarity surcharge (danina solidarnościowa)
If your qualifying income exceeds PLN 1,000,000 in a year, an additional 4% is due on the excess, on form DSF-1 by 30 April (art. 30h). The base includes art. 30b income (securities, derivatives and crypto gains) but excludes art. 30a dividends and interest. Tax-Wizard warns you when your art. 30b income crosses PLN 1M.
Double-taxation treaties & the foreign tax credit
Poland has treaties with 90+ countries and applies the credit method for most: worldwide income enters the Polish base, Polish tax is computed, and foreign tax paid is credited up to the treaty limit and up to the Polish 19%. Each foreign source country gets its own PIT/ZG. For countries without a treaty, "tax abolition relief" effectively applies the exemption method.
Currency Conversion - the NBP T-1 Rule (art. 11a)
Every foreign-currency amount - proceeds, cost, commission, dividend, withholding - is converted to PLN at the NBP Table A average rate published on the last business day before the transaction date (T-1). Weekends and Polish public holidays are skipped to the preceding published table. Because conversion is per leg, a position bought and sold on different dates locks in an implicit FX gain or loss. Tax-Wizard records the exact rate and NBP table date used on every line, so the figures are fully auditable.
Filing, Deadlines & e-Signing
Key dates
| Date | Event |
|---|---|
| End of February | Polish brokers send PIT-8C |
| 15 February | PIT-38 opens in Twój e-PIT; filing window begins |
| 30 April 23:59 | Submission deadline (and tax payment) |
| 30 April | Pre-filled return auto-accepted if not changed |
Auto-acceptance trap
If your pre-filled Twój e-PIT is not modified or submitted by 30 April, it is automatically accepted. That pre-fill is built only from Polish PIT-8C data - it will not include your foreign-broker income, so letting it auto-accept can leave you under-declared. Always review and submit an amended PIT-38 if you used foreign platforms.
Two ways to file
- Twój e-PIT - copy the field values from the Tax-Wizard report into the online form.
- e-Deklaracje XML - the optional XML Tax-Wizard generates validates against the official MF schema and imports directly into free tools such as e-pity and fillup (via Import danych), where you review, sign and send it.
Signing without a certificate
The generated XML is unsigned - signing and transmission are added by the tool you file through. Individual PIT-38 can be authorised with a qualified signature, Profil Zaufany, or the free "authorisation data" method: your name, DOB, PESEL/NIP and your income from the return two years earlier (for a 2025 return filed in 2026, your 2024 income). Keep the official confirmation of receipt (UPO) as proof of filing.
PIT-38 (2025, Variant 18) Field Map
The 2025 form renumbered several boxes versus 2024. These are the fields Tax-Wizard fills - the numbers you'll see in the report and XML:
| Field (2025) | Meaning |
|---|---|
| 22 / 23 | Securities & derivatives - revenue / costs (incl. foreign) |
| 28 / 29 | Section C income / loss |
| 30 | Prior-year losses applied |
| 31 / 33 / 35 | Tax base / tax (19%) / tax due - securities |
| 36 / 37 / 38 | Crypto - revenue / costs this year / costs carried in |
| 39 / 40 | Crypto income / costs to carry forward |
| 47 / 48 / 49 | Foreign dividends & interest - 19% tax / foreign credit / difference to pay |
| 51 | Total tax to pay |
| 72 | Number of PIT/ZG attachments |
Broker Export Notes
Tax-Wizard reads the standard statement from each broker and does the PLN conversion and FIFO matching for you. Typical files:
| Broker | File to export |
|---|---|
| Interactive Brokers | Activity Statement (CSV) - trades, dividends, forex |
| Degiro | Account Statement + Transaction Report |
| Trading212 | Trading history (CSV), total cost incl. fees |
| eToro | Account Statement (XLSX) - position-based |
| XTB | Account Statement / trade history (CSV) |
| Revolut | Invest Account Statement (Excel) + Crypto statement |
| Crypto exchanges | Transaction / trades history (CSV) - Binance, Kraken, Coinbase, etc. |
2027 Outlook - OKI Accounts
The OKI (Osobiste Konto Inwestycyjne) law passed the Sejm on 3 July 2026 and takes effect 1 January 2027. It adds optional accounts with Belka-tax exemptions up to PLN 100,000 (investment assets) / PLN 25,000 (savings), with an annual asset-value tax (~0.85% in 2027) on holdings above the caps. It does not change the 19% regime for the 2025 or 2026 tax years, and outside OKI the 19% Belka tax is unchanged.
Frequently Asked Questions
Do I have to file if I only used a foreign broker?
Yes. Foreign brokers don't file a PIT-8C or withhold Polish tax, so you self-report everything on PIT-38 - even in a loss year, to preserve carryforward.
Which exchange rate do I use?
The NBP Table A mid rate of the business day before each transaction (T-1), applied per leg. A buy and a sell can use different rates and currencies.
Are crypto-to-crypto swaps taxable?
No - tax arises only when you sell crypto for fiat or spend it. Crypto is a separate silo and its costs carry forward indefinitely.
Can I choose LIFO or HIFO?
No. FIFO is mandatory (art. 24 ust. 10) when specific lots can't be identified, applied per brokerage account.
What's the deadline?
15 February – 30 April of the following year. The 2025 return (variant 18) is due 30 April 2026.
Are accumulating ETFs tax-efficient here?
Yes - Poland has no deemed-distribution regime, so they're taxed only on disposal.
Polish–English Glossary
| Zeznanie podatkowe | Tax return | Zysk kapitałowy | Capital gain |
| Przychód | Revenue | Koszty uzyskania przychodu | Deductible costs |
| Strata | Loss | Dywidenda | Dividend |
| Odsetki | Interest | Instrumenty pochodne | Derivatives |
| Kryptowaluta | Cryptocurrency | Obligacje | Bonds |
| Urząd skarbowy | Tax office | Podatek u źródła | Withholding tax |
Ready to file your PIT-38?
Upload your broker files and Tax-Wizard produces a PIT-38-ready report - every amount converted to PLN at the correct NBP T-1 rate, mapped to the exact PIT-38 field numbers, with an optional e-Deklaracje XML.
Start now →This guide is informational and does not constitute tax advice. Figures reflect the PIT-38(18) form for the 2025 tax year (filed 2026); verify your specific situation with a Polish tax advisor (doradca podatkowy).
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