Currently all Polish investment funds – open-ended and closed-ended – as well as their equivalents from the EU and EEA have been fully exempt from Polish taxation on all types of profits derived in Poland.

The exemption covers income tax, capital gains tax and withholding tax. It is proposed that the exemption shall be cancelled. Instead it is proposed to exempt only certain types of profits derived by open-ended funds only or by their equivalents from the EU or the European Economic Area Member States. The exemption would cover only the following types of profits:

  • interest
  • dividends and dividend-like distributions
  • capital gains from the sale of receivables, shares and stocks as well as other securities, including derivative financial instruments and foreign exchange gains


The new proposed legislation would fully exclude all closed-end investment funds from tax exemption. All profits of such funds derived from Poland would become subject to Polish taxation at the 19% rate.


It is proposed that the changes will come into force on 1 January 2017.


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