How to calculate stock market tax — PIT-38 step by step

Tax on stock market gains in Poland

Anyone who sold shares, ETFs, bonds or other financial instruments at a profit (or loss!) must file PIT-38. The capital gains tax rate in Poland is 19% — the so-called podatek Belki.

Important: You file PIT-38 even when you incurred a loss. Not filing the declaration is an error that can cost you.

Who must file PIT-38?

You file PIT-38 if in a given tax year you:

• Sold shares, ETFs or bonds on GPW or foreign exchanges
• Closed positions on futures or options contracts
• Sold cryptocurrencies (settled separately in PIT-38)
• Redeemed investment fund units
• Realized profit on forex

Exceptions: Profits on IKE and IKZE are not subject to PIT-38 (provided statutory conditions are met).

Where to get the data? PIT-8C

Your broker by the end of February sends you PIT-8C — information about income and costs from paid disposal of securities. This is your basis.

What will you find in PIT-8C?

• Income — total amount from sales
• Tax-deductible costs — purchase price + commissions
• Profit or loss — the difference

If you use multiple brokers (e.g., XTB + mBank + foreign broker), you receive multiple PIT-8C forms and must sum them up.

How to fill out PIT-38 — step-by-step instructions

Step 1: Collect all PIT-8C forms

Log into accounts with each broker and download PIT-8C. Deadline for receipt: by the end of February.

Step 2: Sum up income and costs

Step 3: Add costs the broker didn't include

You can deduct:

• Purchase and sale commissions (usually the broker includes them)
• Currency conversion fees (when buying foreign ETFs)
• Account maintenance costs (if related to investment account)
• Market data access fees (if necessary for investing)

Step 4: Settle losses from previous years

If in previous years (up to 5 years back) you had losses, you can deduct them:

• Maximum 50% of loss from a given year in one tax year
• Or the entire loss if it doesn't exceed 5 million PLN (from 2022)

Example: Loss in 2024 = 10,000 PLN. In 2025 you can deduct up to 5,000 PLN (50%) or all 10,000 PLN (if <5 million).

Step 5: Calculate tax

Profit: 3,000 PLN
- Previous years' loss deduction: 0 PLN
= Tax base: 3,000 PLN
× 19% = 570 PLN tax

Step 6: File PIT-38

• Deadline: by April 30 of the following year
• Where: through e-PIT at podatki.gov.pl, e-Deklaracje program or on paper
• Tip: e-PIT often has pre-filled PIT-38 based on data from brokers

Foreign exchanges — what about tax?

If you invest through a foreign broker (Interactive Brokers, Degiro, Trading 212):

1. You don't get PIT-8C — you must calculate income and costs independently
2. Convert to PLN — at NBP exchange rate from the day before the transaction
3. Include exchange rate differences — they can increase or decrease profit
4. Dividends — settled in PIT-38, but include withholding tax (WHT)

Foreign dividends and W-8BEN form

If you signed W-8BEN with a US broker, withholding tax is 15% instead of 30%. You pay the difference of 4% (19% - 15%) in Poland.

Cryptocurrencies in PIT-38

Since 2019 you settle cryptocurrencies in a separate PIT-38 section:

• Income: value of crypto sale
• Cost: value of crypto purchase
• Crypto-to-crypto exchange is not a taxable event
• Crypto-to-fiat exchange (PLN, EUR, USD) is a taxable event
• Crypto loss settled only with crypto gains (not with shares)

Most common mistakes

1. Not filing PIT-38 with a loss — you always file, the loss will be useful in the future
2. Forgetting about foreign broker — Polish tax office will find out anyway (CRS)
3. Wrong currency rates — always NBP rate from the preceding day
4. Not deducting losses from previous years — check PIT-38 from the last 5 years

How Freenance can help

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• Portfolio tracking — see all transactions in one place
• Profit and loss overview — easily check how much you earned or lost in a given year
• Multiple accounts — connect accounts from different brokers
• Transaction history — useful when filling out PIT-38

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