Related topics: Tax Systems for Sole Traders (JDG) in Poland, Freelancer Accounting in Poland and Free Company Registration in Poland.

Capital income in Poland, shares, bonds, deposits, cryptocurrencies, is taxed under the so-called Belka tax at a flat 19% rate. This article explains which income is taxed automatically, which must be declared yourself in the PIT-38 form, and how foreigners can credit tax already paid abroad.

In short:
  • The capital gains tax rate (podatek Belki, articles 30a-30b of the PIT Act) in 2026 remains 19%, with no tax-free allowance and regardless of how long the asset was held.
  • The tax covers interest on deposits and bonds, dividends, gains from selling shares/ETFs/bonds, and cryptocurrencies.
  • Income from Polish brokers/banks is taxed automatically at source (the payer withholds 19% and remits it to the tax office) – such income usually doesn’t need to be reported in PIT-38.
  • Income from foreign brokers, dividends from foreign companies, and cryptocurrencies must be self-declared in the annual PIT-38 return by April 30 of the following year.
  • Tax paid abroad at source can be credited against Polish tax up to the limit set by the relevant double-taxation treaty (the difference up to 19% is paid in Poland, using the PIT/ZG attachment).
  • Exemption from Belka tax via an IKE or IKZE account is the only legal, long-term relief available for 2026; since 2024 it has also been possible to offset gains and losses between different types of investments within a single tax return.

What is taxed under the Belka tax

The capital gains tax (named after finance minister Marek Belka, who introduced it in 2002) in Poland amounts to 19% of the actually realized profit, not the entire invested amount. Taxed items include:

Income sourceRateHow it’s settled
Interest on deposits and savings accounts19%Automatically by the bank, no declaration needed
Dividends from Polish shares (WSE)19%Automatically by the broker, PIT-8C
Dividends from foreign companies19%Self-declared in PIT-38 (section G) + PIT/ZG
Sale of shares/ETFs/bonds19%Self-declared in PIT-38 (section D), based on broker’s PIT-8C
Cryptocurrencies19%Self-declared in PIT-38 (section E)
Important: regardless of whether you held the shares for one day or 10 years,

the rate is always 19% – Poland has no preferential treatment for long-term holding of assets.

How to declare income in PIT-38

Everyone who earned income or incurred costs from investments in 2025 must file PIT-38, regardless of whether the transaction resulted in a profit or a loss. The deadline for the 2025 filing is April 30, 2026.

  1. By the end of February, your broker or bank sends you a PIT-8C form with data on income and costs.
  2. Based on it, you fill out PIT-38, fastest via the Twój e-PIT service at podatki.gov.pl.
  3. If you invested through several brokers or banks, sum up the data from all PIT-8C forms.
  4. If you invested through a foreign broker, there will be no PIT-8C – in that case you must keep all records yourself and add the PIT/ZG attachment to your return.

Foreign brokers, dividends and double taxation

For foreigners who run a business or work in Poland and have Polish tax residency, but invest through a foreign broker, it’s important to understand the mechanism for crediting tax paid abroad.

  • For US shares with a W-8BEN form, 15% tax is withheld at source, and in Poland you pay the difference up to 19% (about 4% more) thanks to the double-taxation treaty.
  • Without a W-8BEN form, more than 30% may be withheld abroad, and only the treaty-defined portion (usually 15%) can be credited in Poland.
  • Dividends from accumulating ETFs, which reinvest dividends, are not paid out to the investor, so tax only arises when the units are sold.
Chart illustrating the Belka tax on capital gains in PolandChart illustrating the Belka tax on capital gains in Poland
  • IKE (Individual Retirement Account) – if conditions are met (age 60 or payout after death), investment profit is fully exempt from the Belka tax.
  • IKZE (Individual Retirement Security Account) – contributions can be deducted from taxable income, and only 10% (instead of 19%) is paid on payout.
  • Mutual offsetting of gains and losses between different types of investments has been possible since 2024 and reduces the taxable base.
  • The announced OKI (Personal Investment Account) with relief up to a certain asset limit is not expected to take effect until January 1, 2027 – in 2026 it remains only a proposal, not binding law.

What foreign business owners in Poland should know

If you run a JDG or a company in Poland and also invest spare funds, it’s important to separate two things: income from business activity (taxed according to your JDG’s chosen tax form) and capital income as a private individual (always 19%, regardless of the business’s tax form). Mixing these two categories in your bookkeeping is a common mistake that can trigger extra questions from the tax office.

Need help running your business in Poland or understanding the tax system? We help foreigners register and run a business in Poland.

Book a free consultation

Frequently asked questions

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

Yes, everyone who had income or costs from investments must file PIT-38, regardless of the final result.

Can I offset a stock profit with a cryptocurrency loss?

Since 2024, results from different types of investments can be mutually offset within a single tax return.

Is there a tax-free allowance for the Belka tax?

Not for 2026 – this is only a discussed initiative that is expected to become binding law from 2027 via the OKI account.

Sources

  • Ministry of Finance – PIT-38 informational brochure, articles 30a-30b of the PIT Act.
  • podatki.gov.pl – the Twój e-PIT service.

Legal status as of: August 1, 2026.

Author: Valerii Kushnirskyi, in-house legal practitioner at MojaFirma.

This article does not constitute tax advice. Before making financial decisions, it’s worth consulting a tax advisor or booking a free consultation with our team.