Poland: VAT exemption for bonds contributed by investment fund as capital into a company in exchange for shares

There are interesting implications of a new judgment of the Provincial Administrative Court in Lublin dated 12 Nov 2025 in case no. I SA/Lu 346/25 (the “Polish Case”).

In February 2026, the United States introduced a series of significant and fast‑moving measures that alter the trade environment for all exporters shipping goods into the country.

Asset managers of EU and third country investment funds with income from Poland that is subject to Polish WHT should take note of the following revisions, applicable from 1 January 2026.

After several years' worth of work and the publication of two guidance proposals that came under criticism, on 9 Jul 2025 the Finance Ministry ("FM") published Guidance relating to the definition of a beneficial owner.

News on tax developments affecting the international Financial Services industry.

CJEU's February 2025 ruling may reshape Polish WHT exemption rules for foreign investment funds—key implications for internally managed structures.

News on tax developments affecting the international Financial Services industry.

This article delves into the evolving Polish WHT regulations on passive income, examining recent rulings on exemptions for dividends, interest, and royalties, impacting international industry groups.

Advocate General Juliane Kokott's recent opinion in Case C-18/23, delivered on 11 July 2024, has sparked concern due to her support for Poland's differential tax treatment of resident externally managed and non-resident internally managed (self-managed) investment funds.

The Polish government is currently working on amendments to the Polish Tax Code (Ordynacja podatkowa) in response to a recent ruling by the Court of Justice of the European Union (CJEU).

As remote work becomes more prevalent, companies need to be aware of the tax issues associated with their employees’ presence in foreign jurisdictions.

On 19 December 2023, the Supreme Administrative Court handed down its judgment in case number II FSK 2108/20 concerning interest on overpaid WHT for foreign investment funds.

For many years now, Poland has been introducing solutions aimed at the digitization of VAT.

The issue of mandatory beneficial owner testing in the application of WHT exemptions on dividend payments has been a bone of contention generating disputes with Polish tax authorities since 2019.

With the Polish implementation of the "SUP Directive" entering into force, businesses will now face new compliance duties aimed at reducing the environmental impact of certain plastic products.

As of 2022, Polish CIT regulations contain a new definition for beneficial owner. The Voivodship Administrative Court in Lublin examined complaints against the refusals to issue preference opinions, presenting its own assessment of genuine business activity criteria.

The status of remote work in the Labour Code has been changed to a permanent option, rather than one applicable just in relation to the COVID-19 pandemic.

Recent months have seen Polish tax regulations regarding restructurings significantly amended and further changes are also expected.

The fundamental purpose to introduce PHC regulations was to increase the attractiveness of Poland as a location for setting up holding companies.

Poland undertakes a reassessment of the preconditions for a fixed establishment.

As of 1 February 2016, Poland has had a banking tax. The tax is charged on the amount by which the taxpayer's total assets exceed the applicable statutory threshold.

The scope of changes is broad and some of them, if they finally enter into force, may have a cross-border impact.

As of 1 January 2022, pay and refund has replaced previously effective relief at source mechanism as a way of withholding tax (WHT) collection for certain types of payments made from Polish entities.

Since 1 January 2021, new TP regulations have been in force regarding the documentation of what are called indirect transactions with residents of tax havens (Newsletter #2/2021)

As of 1 January 2019, Polish law requires Polish WHT agents to exercise due diligence and verify the applicability of any tax rates other than the standard rate (preferential WHT rates) or of any exemption or forbearance of tax, which may apply under special regulations or a double tax treaty.

A new type of transaction evidence has been introduced to the Polish VAT regulations, i.e. structured invoices (colloquially called e-invoices).

On 15 November 2021, the President signed the legislative package introducing a sweeping reform of the Polish tax system, called Polish Deal (Polski Ład). The changes will come into force as of 1 January 2022.