How to file investment tax — PIT-38, Belka tax, cryptocurrencies

Quick Answer

In Poland, investment gains are taxed at 19% — the so-called Belka tax — covering sales of stocks, ETFs, crypto, deposit and bond interest, and dividends. You file PIT-38 by April 30 of the following year, with tax as (Revenue − Costs) × 19%; Polish brokers send a PIT-8C, but foreign brokers (Interactive Brokers, Degiro) don't, so you convert each trade to PLN using the NBP rate from the day before the transaction. Crypto-to-crypto swaps are taxable, and a loss carries forward up to 5 years. IKE and IKZE offer legal tax relief. This is general information, not tax advice — consult a tax advisor for your situation.

---

Investment tax in Poland — basics

In Poland investment gains are taxed at 19% rate — so-called Belka tax (named after the minister who introduced it). It applies to gains from:

• Sale of stocks and ETFs
• Interest from deposits and bonds
• Dividends
• Sale of cryptocurrencies
• Gains from investment funds

PIT-38 — when do you need to file?

You file PIT-38 form when in given tax year you sold securities or derivative financial instruments. Deadline: by April 30 of following year.

When you DON'T need to file PIT-38?

• If you only have IKE or IKZE and didn't withdraw funds before deadline
• If you only invest in deposits and bonds (bank withholds tax automatically)
• If you didn't sell any securities in given year

How to fill PIT-38 step by step

1. Collect documents

• PIT-8C from broker — Polish brokers (XTB, mBank, Bossa) send it by end of February. Contains transaction summary
• Statements from foreign brokers — Interactive Brokers, Degiro and others don't send PIT-8C. You must prepare statement yourself
• Cryptocurrency transaction history — export from Binance, Kraken or other exchange

2. Calculate revenues and costs

Revenue = sum of amounts from securities sales

Cost of earning revenue = sum of purchase amounts of same securities + commissions

Income = Revenue – Costs

Tax = Income × 19%

3. Foreign stocks — currency conversion

If you trade stocks in USD or EUR, you must convert each transaction to PLN using NBP exchange rate from day preceding transaction day. This is most tedious part of settlement.

4. Fill the form

In PIT-38 you enter:

• Revenue (position 20)
• Cost of earning revenue (position 21)
• Income or loss (position 22 or 23)
• Tax due (position 32)

5. File through e-PIT

Most convenient to file PIT-38 through e-PIT system at podatki.gov.pl. If your broker sent PIT-8C, data may already be pre-filled.

Dividend tax

Dividends from Polish companies are taxed 19% at source — you don't need to do anything, company withholds tax for you.

Dividends from foreign companies may be subject to double taxation. Thanks to double taxation treaties you can deduct tax paid abroad (e.g. 15% in USA) and pay difference in Poland (4%).

Cryptocurrency tax

Cryptocurrencies are also settled on PIT-38:

• Revenue = amount from cryptocurrency sale or exchange to other crypto
• Cost = purchase amount of sold cryptocurrencies
• Cryptocurrency loss can be deducted from cryptocurrency gains in following years
• Crypto to crypto exchange (e.g. BTC → ETH) is taxable event

Note: Keeping detailed record of cryptocurrency transactions is mandatory.

Investment loss

If you incur loss, you can deduct it from gains from same source within 5 following years (maximum 50% of loss annually). Therefore it's worth filing PIT-38 even when you have loss.

IKE and IKZE — tax benefits

• IKE — gains exempt from Belka tax when withdrawn after age 60
• IKZE — contributions deductible from income in annual PIT. Upon withdrawal you pay flat 10% tax

Using IKE and IKZE is one of simplest ways for legal tax optimization.

Most common mistakes

1. Forgetting foreign stocks — foreign broker won't send PIT-8C, but tax obligation exists
2. No currency conversion — NBP rates from preceding day, not transaction day
3. Omitting commissions in costs — brokerage commissions are cost of earning revenue
4. Not reporting loss — we lose right to deduction in future years

How Freenance can help?

Freenance tracks all your investment transactions and automatically calculates gains and losses. This gives you complete tax picture — you know how much tax you'll pay before year end. You can also better plan asset sales to optimize tax burden.

👉 Track investment gains and losses — freenance.io

Related Articles

• PIT-38 — co to jest? Formularz do rozliczenia inwestycji
• Jak zacząć inwestować na XTB — kompletny poradnik krok po kroku
• Jak zacząć na Binance — poradnik dla początkujących
• Akcje czy ETF — co wybrać? Porównanie dla początkujących
• GPW — co to jest Giełda Papierów Wartościowych w Warszawie?

FAQ

What is Belka tax and what rate applies to investment gains?

Belka tax is the colloquial name for the 19% flat capital gains tax in Poland, named after former finance minister Marek Belka. It applies to gains from stocks, ETFs, bonds, dividends, and cryptocurrencies, and is reported once a year on the PIT-38 form rather than being withheld in real time by brokers.

When is the PIT-38 filing deadline?

PIT-38 must be filed by April 30 of the year following the tax year — for example, gains realized in 2025 are reported by April 30, 2026. The same deadline applies to paying any tax owed; missing it can trigger interest charges and penalties from the tax office.

Do I need to file PIT-38 if I only made a loss?

Yes, filing a PIT-38 even with a loss is generally worthwhile because you can offset that loss against future capital gains from the same source for up to five consecutive years, deducting at most 50% of the loss in any single year. Not reporting it means losing this carry-forward right.

How are foreign broker transactions (e.g. Interactive Brokers, Degiro) handled?

Foreign brokers typically do not issue a Polish PIT-8C, so you must compile your own transaction summary and convert each trade into PLN using the NBP average exchange rate from the day preceding the transaction. Any tax already withheld abroad on dividends can usually be credited under double-taxation treaties — but the responsibility to declare and document everything rests with you.

How are cryptocurrencies taxed in Poland?

Crypto gains are reported on PIT-38 separately from stock gains, at the same 19% rate, with revenue being the PLN value of fiat or other crypto received on disposal. Crypto-to-crypto swaps are taxable events, and crypto losses can only offset future crypto gains, not stock gains.