the end of the tax year in which the purchase of the property took place or, if a special tax relief was claimed, the sale occurs within 10
years.
Income from the sale of objects (i.e., chattels) is taxed in the same way if the sale occurs within six months from the date of acquisition of the object.
Certain capital income, including interest on savings deposits and demand accounts (except from bank accounts operated for business purposes) and interest on State Treasury bonds, is exempt from tax. Income from the sale of State Treasury bonds, stock of quoted companies, and shares of companies formed to lease privatized property is generally exempt from income tax.
Interest income from the granting of a loan is taxed at 20%, except where the granting of loans is the object of regular economic activity. Dividends from joint stock companies and shares in profits of limited liability companies are distributed from the net after-tax profit of a company.
Dividends and these shares, as well as undistributable retained earnings, are not aggregated with income from other sources. This type of income is taxed at 15%.
Tax-exempt income/More than 100 types of income are tax exempt (several provisions of existing executive regulations were included). The most important are as follows.
1. Monetary damages received on the basis of administrative law, civil law, and other legal acts, except for indemnities paid to employees under a noncompete clause.
2. Receipts from property insurance and personal insurance claims.3. Interest on savings and demand accounts (except for business accounts) and interest on State Treasury bonds.
4. Money won in legally registered games of chance and lotteries up to a limit of three times the lowest remuneration for December of the previous year (PLN2,100 for the year 2001).
5. Income of individuals if that income derives from funds established by international financial institutions or from resources allocated by other countries on the basis of agreements concluded between the Council of Ministers of Poland (or a Ministry with the consent of the Council of Ministers) and those institutions or countries.
6. Cash equivalents provided to employees when they need to use their own tools, goods, and equipment to perform work.
7. Reimbursement of an employee’s costs for relocation to another place of employment and reimbursement for the costs of setting in the new place (up to 200% of the monthly salary due to the employee in the month of transfer).
8. Limited daily allowances and other amounts due to employees for the duration of business trips.
9. Additional pay granted to employees temporarily transferred to work away from home and other benefits granted according to the principles and limits outlined in the rules for state employees.
10. Limited value of accommodation provided by an employer for employees working away from their place of permanent residence.
11. Limited payments to employees who use their private cars for company business.
12. Income originating outside the Polish territory if an agreement for the avoidance of double taxation signed by Poland and the foreign country provides for such exemptions.
Deductions
Business deductions/There is a standard annual deduction for employees equal to 3% of the income ceiling of the first tax bracket (PLN1,110.72 for 2001). If an employee derives income from several sources, the sum of deductions in a given tax year cannot exceed 4.5% of the above amount. An individual doing independent work may claim various allowances, depending
on the type of activities performed.
Nonbusiness expenses/The employee’s portion of social security
contributions is deductible from gross income before tax. Other expenses that may be deducted from gross income are membership fees of organizations that the taxpayer must join and donations (for legal persons only, up to the limit of 10% or, in some cases, 15% of gross income).
Other major deductions include 19% of expenses incurred for private medical care (effective to the end of 2001 only), purchase of professional equipment, and education/self-training (subject to limitations). Additionally, health insurance contributions can be deducted from tax payable.
Personal allowances/For 2001, there is a personal allowance of PLN493.32 for all taxpayers.
INVESTMENT INCENTIVES
Investment relief has been repealed. Taxpayers retain the right to deductions on expenses borne up to the end of 2003.
TAX CREDITS
A taxpayer’s income originating abroad, if subject to Polish taxation (not exempt from taxation in Poland under an agreement for the avoidance of double taxation), is accumulated with income earned from work in Poland, and the tax is calculated on this sum according to the tax table. Income tax is then reduced by the amount of tax paid outside Poland. This tax credit may not exceed the tax calculated on total income multiplied by the
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