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Gold and Taxes: How to Settle Profits from Selling Physical Gold in Poland?

Investing in physical gold is, for many, synonymous with financial security and protecting savings against inflation. By choosing to allocate capital to gold bars, you gain a tangible asset that serves as a safe haven in uncertain times. However, beyond analyzing the gold price or choosing a reliable gold dealer, understanding the tax aspects related to selling bullion in Poland is equally important. Knowing how to settle profits from selling gold will help you avoid unpleasant surprises and fully enjoy the potential benefits of your secure gold purchase. Remember that while investment gold in Poland enjoys certain exemptions, there are specific rules that must be followed.

Investment Gold and VAT: A Beneficial Exemption

One of the greatest advantages of investing in physical gold in Poland is its status under the Value Added Tax (VAT). According to Polish law implementing EU directives (in particular Council Directive 2006/112/EC on the common system of value added tax), investment gold is exempt from VAT. This is a highly favorable solution that significantly lowers the entry barrier for investing in bullion and increases its attractiveness compared to many other goods or services subject to the standard VAT rate of 23%. The absence of VAT means the investor does not incur an additional, significant cost at the purchase stage, which directly translates into higher profitability in the event of later sale.

What Qualifies as Investment Gold for VAT Exemption?

For gold to be exempt from VAT, it must meet specific, precise criteria defined in the VAT Act. It is important that the gold you purchase complies with these requirements to ensure proper tax treatment:

Gold in the form of bars or plates:
It must have a fineness of at least 995 thousandths (995/1000 or 99.5%). In practice, this means 24k gold with a fineness of 999.9 or 999. It is important that such bars also have a weight recognized and accepted in the bullion markets, which typically means they come from producers listed on the London Bullion Market Association (LBMA) “Good Delivery” list. At FinUnion, we offer only gold bars of the highest purity (999.9), guaranteeing compliance with this requirement and seamless use of the VAT exemption. Each of our gold bars includes a certificate of authenticity confirming its weight and fineness.

Gold coins:
Although FinUnion specializes in bars, it is worth knowing that the VAT exemption also applies to coins that meet all of the following conditions:

• A fineness of at least 900 thousandths (900/1000 or 90%).

• Minted after the year 1800.

• Are or were legal tender in their country of origin.

• Their selling price does not exceed the value of the gold contained in the coin by more than 80%.

This last condition distinguishes bullion coins from numismatic coins, whose value is derived largely from rarity and collectability rather than gold content. Popular bullion coins such as the Krugerrand, Canadian Maple Leaf, or Vienna Philharmonic usually meet these criteria and are VAT-exempt, making them attractive investment assets.

The VAT exemption applies both to the purchase of investment gold (transactions between dealer and client) and its later resale. This is a significant relief for investors, as it eliminates the need to add 23% VAT to the purchase price and later settle it during sale. This is a key factor that makes investing in physical gold highly cost-efficient and attractive compared to many other investments subject to VAT.

Income Tax on Gold Sales: When Must You Pay It and When Are You Exempt?

The matter of income tax on capital gains (the so-called “Belka tax”) is more complex than VAT but just as important for the financial safety of your investment. In Poland, profits from the sale of precious metals, including gold, are generally subject to personal income tax (PIT). However, there is one very important exemption that rewards long-term investing.

The 6-Month PIT Exemption Rule: The Key to Tax-Free Sales

According to Article 10(1)(8)(d) of the Personal Income Tax Act, the sale of movable property (which includes physical gold) is not subject to income tax if it occurs after six months from the end of the month in which it was purchased. This is a fundamental rule every gold investor should know.

In practice, this means that if you purchase a gold bar and decide to sell it after a full six months have passed from the end of the month of purchase, the entire profit is completely exempt from income tax—regardless of the profit size. You pay zero PIT. This is a huge advantage for long-term investors looking to protect savings and maximize real returns.

Practical Example for Better Understanding:

• You purchase a 100g gold bar on March 15, 2025.

• The six-month period, counted from the end of that month (March 31, 2025), ends on September 30, 2025.

• This means that if you sell the bar on October 1, 2025, or later, the profit is fully exempt from PIT. You do not need to report it in your annual tax return.

This rule rewards long-term investors and aligns perfectly with gold’s role as a long-term capital preservation asset.

When Is the Profit Taxable? Gold as a Short-Term Investment

If you decide to sell physical gold before the six-month period has passed, the profit (the difference between sale price and purchase price) is taxable. In such cases, the Belka tax applies—a flat 19% income tax on capital gains.

Important Aspects When Tax Applies:

• Obligation to declare: Profits from such short-term sales must be reported in the PIT-36 tax return (“Other sources of income”).

• Determining acquisition costs: Tax is paid on profit. You may deduct documented acquisition costs—mainly the purchase price—and documented storage or insurance costs.

• Tax deadlines: PIT-36 must be filed by April 30 of the following tax year.

• No loss offset: You cannot offset losses from one transaction with gains from another. Tax is paid on each profitable transaction separately.

Practical Aspects and Proof of Purchase/Sale: Essential Documentation

For financial safety and proper tax settlement (especially to benefit from exemptions), maintaining thorough documentation of all gold transactions is crucial.

Documentation for Physical Gold Purchases

A safe purchase from a reputable gold dealer (like FinUnion) should be confirmed with a VAT margin invoice or named receipt. Such a document should include:

• Purchase date

• Type and weight of the gold

• Gold fineness (e.g., 999.9)

• Purchase price

• Seller and buyer details

• Serial number of the bar (if applicable)

• Confirmation of the attached certificate of authenticity

Store this documentation securely together with the gold.

Documentation for Gold Sales

A reputable gold dealer will also provide a purchase document when you sell your gold. It should include:

• Sale date

• Type and weight

• Sale price

• Buyer and seller details

• Serial number (if applicable)

If sold after six months, the profit is tax-free and does not need to be declared. If sold earlier, both documents (purchase and sale) are needed for the PIT-36 return.

Additional Aspects and Tips for Investors: A Complete Tax Perspective

Inheritance and Gifts of Gold

When inheriting physical gold, the same rules apply as for other movable property. Sale after six months from the original owner’s acquisition (or from the opening of the estate, depending on specifics) is also exempt from income tax. However, inheritance and gift tax may apply depending on family relationship and value. The closest family group is usually exempt but requires reporting.

Physical Gold vs. Other Types of Gold in a Tax Context

These tax rules—especially the six-month PIT exemption—apply only to physical investment-grade gold. The situation is completely different for:

• gold ETFs

• futures contracts

• mining company stocks

• tokenized/online gold

Profits from these are treated as financial instruments and always taxed at 19%, regardless of holding duration. Even after 10 years, an ETF profit is still taxed. This strengthens the argument that physical gold is the more tax-efficient option for long-term security and savings protection.

Consulting a Tax Expert

While this guide provides practical foundational information, for complex situations or large investments, consulting a qualified tax advisor is always recommended. Tax laws may change, and individual circumstances vary.

Taxes Are Not a Problem When You Invest Wisely in Physical Gold

Understanding the tax rules for selling gold in Poland is essential for every physical gold investor. VAT exemption and the ability to avoid income tax after six months make gold bars an even more attractive investment. Combined with gold’s fundamental characteristics—protection against inflation, safe-haven status, and no counterparty risk—physical gold remains a preferred form of investment.

Choosing a reputable gold dealer in Warsaw ensures that you receive the highest-purity gold (999.9), full authenticity certification, and transparent pricing based on the current market rate. This forms the foundation of your financial safety and peace of mind.

Don’t let tax considerations stop you from protecting your savings! Invest in physical gold consciously and enjoy its role as a true safe haven. Contact us for more information and to make a secure gold purchase with full expert support.