RSU Tax in Poland: PIT-38 for Employee Shares and Stock Options
RSUs (Restricted Stock Units) and employee stock options are common forms of equity compensation in international companies. Polish tax residents who sold vested shares or received foreign dividends often need to file PIT-38. Many foreign brokers do not issue Polish tax forms, so calculations must usually be prepared manually. The key issue is whether taxation arises at grant, vesting, exercise or only when the shares are sold.
In many properly structured incentive plans, taxation is deferred until the shares are sold and then reported as capital gains in PIT-38. If you are unsure whether Polish tax rules apply to you, you can verify your status using the Polish Tax Residency Test.
Quick summary
- Capital gains tax rate: 19 percent
- Tax is typically deferred until the shares are sold, not at grant or vesting
- Dividends are taxed when paid, regardless of share sale timing
- PIT-38 covers the previous calendar year and is filed once per year
- Deadline: 30 April of the following year
- No sale in the completed tax year usually means no PIT-38 obligation from RSUs alone
In this article
Typical RSU taxation timeline in Poland
Grant
Employee receives a right to shares. Usually no tax arises.
Vesting
Shares become available. In many plans taxation is still deferred.
Dividends
If dividends are paid, they are taxed immediately.
Sale
Capital gains tax arises. Reported in PIT-38.
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Employment income vs capital gains
Employment income
Applies when the benefit is treated as salary or a bonus from employment.
- Progressive scale 12% or 32%
- Reported by employer in PIT-11
- Settled in PIT-37 or PIT-36
- Often subject to ZUS
Capital gains
Applies when the plan qualifies as an incentive program under Polish tax law.
- Flat tax rate 19%
- Tax usually deferred until sale
- Reported in PIT-38
- No ZUS contributions
In a typical case, corporate plans are structured so that taxation is deferred and settled as capital gains, but the plan documents always matter.
When do I pay tax on RSUs in Poland?
If you received shares or RSUs from your employer, you can generally assume that in a typical case they are subject to the following principles.
Usually no tax if the incentive plan qualifies for deferred taxation.
Typical filing: none
Typically no tax if taxation is deferred under the incentive plan.
Typical filing: none
Dividends are taxed when paid. Foreign dividends are reported in PIT-38.
Tax rate: 19%
Capital gain is taxed when shares are sold.
Reported in PIT-38 at 19%
Legal basis for tax deferral
Tax deferral in many employee equity plans is based on the rules for qualified incentive programs. The most commonly cited provision is Article 24 section 11 of the Polish PIT Act. If the plan meets statutory conditions, taxation is postponed until the moment the shares are sold.
How to verify your situation in practice
Practical test. Check your PIT-11.
If the employer included the value of vested shares or options in PIT-11, this may indicate employment income treatment. If the value was not included in PIT-11, it is often safe to assume the plan is treated under the capital gains model.
This is the most practical indicator in real-life cases. However, the plan documentation should ultimately confirm the correct tax classification.
How capital gains tax works in Poland
Tax rate
19%
Flat rate. Tax arises only when shares are sold.
Formula
Sale proceeds minus acquisition costs
= taxable capital gain
Important note on acquisition cost
In many RSU plans shares are granted free of charge. In such cases the acquisition cost may be zero, meaning the 19 percent tax may apply to the full sale value.
Currency conversion. Transactions must be converted to PLN using the NBP average exchange rate from the last business day preceding the transaction date.
Important exception. Dividends
Even if the value of RSUs is taxed only when shares are sold, dividends are taxed when they are paid. Foreign dividends are usually reported in PIT-38 and often require the attachment PIT-ZG. If foreign withholding tax was applied, it must be included in the annual settlement.
Are RSUs taxable in Poland if granted by a foreign employer?
Yes. If you are a Polish tax resident, worldwide income rules apply. RSUs or stock options granted by a foreign employer may still be taxable in Poland under the same capital gains principles, provided the statutory conditions for deferral are met. The key factor is your tax residency, not the country of the employer.
Do I need to file PIT-38 if I only received shares?
No. If you received shares or they vested in the completed tax year but you did not sell them and you received no foreign dividends, you typically have no capital income to report. Filing is triggered by a sale of shares or by foreign dividends that require annual reporting.
Quick summary. When to file PIT-38
If you hold employee shares or RSUs, you typically file PIT-38 if, in the completed tax year, you:
- Sold shares or disposed of shares for consideration.
- Received foreign dividends that require annual reporting in Poland, often with PIT-ZG.
Deadline
PIT-38 is filed once per year and covers the previous calendar year. The deadline is 30 April of the year following the taxable event.
Example: if you sold shares or received foreign dividends in 2025, you report it by 30 April 2026.
How to settle capital gains in practice
Polish broker
Polish investment firms normally issue a PIT-8C after the end of the tax year summarizing gains and losses.
- PIT-8C provided by broker
- Data copied directly into PIT-38
- Less manual calculation required
Foreign broker
Foreign platforms such as eToro, Interactive Brokers or Schwab do not issue PIT-8C. The taxpayer must calculate the capital gain independently.
- Export full transaction history
- Convert using NBP exchange rates
- Apply FIFO where required
The responsibility for correct calculation and reporting in PIT-38 lies entirely with the taxpayer when a foreign broker is involved.
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Calculating capital gains for brokerage transactions, handling multiple vesting dates, applying FIFO, and converting amounts into PLN can be time consuming. At Sarego Finance we handle the full process for you.
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Typical clients
Employees of international listed companies such as Google, Amazon, Microsoft, Meta, Apple, Nvidia and similar employers using equity compensation plans.
What documents we usually need
- Broker statement or transaction export
- Dividend statement
- Previous year loss carry-forward data, if any
- Basic tax residency and identification details
Frequently asked questions
Are RSUs taxed as salary or capital gains in Poland?
RSUs are typically taxed as capital gains if the incentive plan meets statutory conditions and taxation is deferred until sale. If treated as employment income, they would be reflected in PIT-11 and taxed under the progressive scale.
Do I pay tax in Poland when RSUs vest?
In most properly structured incentive plans, RSU vesting does not trigger tax. Tax is typically settled when shares are sold and reported as capital gains in PIT-38, provided statutory conditions are met.
Do I need to file PIT-38 if I only received shares and did not sell them?
No. If you only received or vested shares in the completed tax year and did not sell them, you typically do not file PIT-38 for that reason. Filing is triggered by a sale of shares or by foreign dividends requiring annual reporting.
How is the 19 percent capital gains tax calculated on employee shares?
The taxable capital gain is sale proceeds minus acquisition costs. If shares were received free of charge in an RSU plan, the acquisition cost may be effectively zero, so tax may be calculated on the full gross proceeds.
Do dividends from employee shares require PIT-38 in Poland?
Foreign dividends are typically reported in PIT-38 and often with PIT-ZG. Dividends from Polish companies are usually settled by a Polish payer and typically do not require PIT-38 for that dividend alone.
Do I pay tax when I exercise stock options in Poland?
In most deferred taxation plans, exercising stock options does not create immediate tax. Tax is typically due when shares are sold and reported in PIT-38, provided the plan meets statutory conditions.
When do I have to file PIT-38 for employee shares?
You file PIT-38 for the completed tax year if you sold shares or disposed of them for consideration during that year. PIT-38 is filed once per year and covers the previous calendar year.
Which NBP exchange rate should I use for PIT-38?
Transactions are converted to PLN using the NBP average exchange rate from the last business day preceding the transaction date.
Do I need to file PIT-38 if my shares are held with eToro or Interactive Brokers?
Yes. If you are a Polish tax resident and your shares are held with a foreign broker, no Polish PIT-8C will be issued. You must calculate the capital gain yourself and report it in PIT-38.
Further reading
Capital gains tax FAQ
Official PIT-38 information, podatki.gov.pl
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