Forex tax: there are the last days to submit the PIT-38 declaration

Settle your Forex tax by the end of May! There are only a few days left until the deadline for capital gains tax settlement in Poland. Due to the prevailing pandemic, the Polish Ministry of Finance has decided to lengthen deadline for submitting PIT-38 declarations until the end of May 2020, but due to the fact that May 31 falls on Sunday, the deadline is June 1 this year.

Forex tax and Polish broker

If you use services Polish Forex broker, your tax return "folded" automatically. How could this have happened? Polish brokerage houses are required to issue of PIT-8c your clients and send a copy to the relevant tax office. On this basis, the tax office prepares the settlement in the e-PIT service. In the absence of a response from the taxpayer, the declaration is accepted from the machine at the end of April. If we used the services of several Polish brokers, the values ​​resulting from several PIT-8c are added together. What about foreign brokers?

Check it out: Trading Jam Foundation wants to abolish Belka's tax

Correction possible until June 1

If you trade via a broker from outside Poland, the situation gets a little complicated. In this situation, the home tax office will not have information about your financial results from the machine. It is necessary to calculate the tax receivables on your own and to submit the tax declaration yourself (or its correction), which will take into account your income or loss. The basis for settlement is the transaction history from the platform for a given year.

Account in a foreign currency

While calculating receivables does not cause major problems when we trade on the account with the base currency PLN, in the case of a foreign currency the matter becomes much more complicated. Each item in the transaction history must be converted at the exchange rate National Bank of Poland on a given day. If there were several or a dozen of these transactions, we can do it "on foot" with a calculator in hand. The problem is when we have tens, hundreds or even thousands of them.

Be sure to read: Taxation of income from the Forex market [Compendium]

Forex Club Tax 6.0

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