The "Belka tax" is the common name for the 19% tax on the capital income of individuals: interest, dividends, gains from the sale of shares or fund units. In 2026 the rate remains 19% and the rules provide no tax-free amount — the tax is due from the first złoty of profit. It can be legally reduced mainly through retirement accounts and sensible loss settlement.
What exactly is taxed
The PIT Act does not use the name "Belka tax". It covers two groups of provisions:
- Article 30a — the 19% flat tax on, among others, interest from deposits and accounts, bond interest, dividends and other shares in company profits,
- Article 30b — 19% on income from the sale of securities and derivatives, company shares, and the redemption of investment fund units; the sale of cryptocurrencies is taxed at the same rate but in a separate basket.
Only the profit is taxed, not the capital contributed. On a PLN 50,000 deposit paying 5% a year the interest will be PLN 2,500 and the tax PLN 475. The full text of the rules is in the Personal Income Tax Act.
Two collection methods: the bank withholds or the taxpayer settles it personally
| Type of income | Who settles | What the taxpayer does |
|---|---|---|
| Interest from a Polish bank, dividends from a Polish company | The remitter (bank, brokerage, company) withholds the tax at payout | Usually nothing — the amount arrives already reduced |
| Sale of shares, bonds, fund units | The taxpayer | Reports the income in PIT-38 by 30 April of the following year |
| Foreign interest and dividends with no Polish tax withheld | The taxpayer | Reports the tax in the annual return, taking into account tax paid abroad |
Most mistakes concern accounts held with foreign brokers. They do not issue a Polish tax statement, so the transaction summary, currency conversion and settlement have to be prepared independently. The Act expressly requires capital income tax to be reported in the return if no remitter has withheld it.
How to calculate income from a sale — an example
For securities the base is the difference between the sale revenue and the costs, i.e. the purchase price and commissions. Suppose that in 2026 someone bought shares for PLN 20,000 with a PLN 100 commission, and then sold them for PLN 26,000 with a PLN 130 commission.
- Revenue: PLN 26,000.
- Costs: PLN 20,000 + PLN 100 + PLN 130 = PLN 20,230.
- Income: PLN 5,770.
- Tax at 19%: about PLN 1,096, payable by 30 April 2027 together with PIT-38.
If the transactions were in foreign currency, revenue and costs are converted into złoty separately, at the exchange rates from the relevant days. The result in złoty may therefore differ from the result shown by the broker in euros or dollars.
Losses also matter
For the sale of securities, tax is paid on the result of the whole year: gains from some transactions are offset by losses from others. If the sum is a loss, it can be deducted from income from the same source over the next five years — up to 50% of the loss in one year, or a one-off deduction of up to PLN 5,000,000, with the rest in the remaining years (Article 9(3) of the PIT Act).
Example: in 2025 an investor lost PLN 8,000 on share sales, and in 2026 earned PLN 12,000 on funds. In PIT-38 for 2026 they can deduct the entire PLN 8,000 loss as a one-off (the amount fits within the PLN 5,000,000 cap), so tax will be calculated on PLN 4,000 instead of PLN 12,000. They may also deduct only part of the loss and settle the rest in later years.
Note: interest from deposits and dividends cannot be offset against stock market losses — the collection mechanism is different.
How to legally reduce the tax
IKE — exemption if conditions are met
Income from saving in an individual retirement account is exempt from tax if the payout follows the rules of the IKE Act (among others, after reaching retirement age). An early return of funds means the exemption is lost, so IKE makes sense for money set aside truly long term.
IKZE — deduction now, 10% on payout
Within IKZE, gains during the saving phase are not subject to the Belka tax, and on payout — once the conditions are met — 10% is withheld on the proceeds. Contributions can additionally be deducted from income. The limits and benefits for entrepreneurs are described in the article on IKZE.
PPK
Income from assets accumulated in Employee Capital Plans is also exempt, provided payout happens in the cases set out in the PPK Act.
Conscious timing of transactions
Selling securities at a loss in the same year as profitable transactions lowers the tax due for that year. The decision should, however, follow investment logic, not a tax calculation alone.
The entrepreneur and the Belka tax
Two distinctions matter for business owners:
- interest from a business account and deposits set up on that account is revenue from business activity (Article 14(2)(5) of the PIT Act), not capital income — it is taxed according to the form chosen for the business,
- a dividend from your own sp. z o.o. (limited liability company) is subject to the 19% tax under Article 30a, which the company withholds as remitter. Profit distribution is described in detail in the article on dividends from an sp. z o.o.
People who have moved to Poland should also establish where they are tax resident — this determines whether Poland taxes their gains from accounts held abroad.
The most common mistakes
- Failing to file PIT-38 when holding an account with a foreign broker.
- Converting currencies at the wrong exchange rate or omitting commissions as a cost.
- Offsetting dividends against a loss from the sale of shares.
- Withdrawing from IKE before the conditions are met and being caught by the tax.
How Good Balance can help
We prepare PIT-38 returns, including for accounts with foreign brokers, and help put in order the settlement of losses from previous years. In unusual situations, for example instruments whose classification is unclear, we prepare an application for an individual tax interpretation.