PIT-38 vs PIT-36: Instrument Map - Stocks, ETF, Forex

DISCLAIMER: Educational content, not tax/legal advice. Laws: art. 30b PIT, art. 30a PIT, KIS interpretations 2024-2026. Consult advisor.

Introduction: The most expensive trader mistake costs 10 minutes of inattention

Imagine: you earn 60,000 PLN on XTB on DAX CFD and 40,000 PLN on PKN Orlen shares. You declare everything on PIT-38 because “19% is 19%”. In July you get a summons: CFD is PIT-36, art. 20 sec.1 PIT, other sources. You have arrears, interest and need for correction. 40 minutes reading this lesson would save you 5,000 PLN and 3 months of stress.

Table of contents

1. Why this matters for a trader
2. PIT-38 - foundation: what and when
3. PIT-36 - when CFD, forex and futures land here
4. Big table: instrument -> PIT -> NBP rate -> deadline
5. Math formulas and NBP conversion
6. Market example: Mixed trader 2025
7. Beginner mistakes
8. Practical exercises
9. Checklist
10. Summary and next steps

1. Why does this matter for a trader?

Because form = legal qualification = different rules for losses and costs. PIT-38 and PIT-36 are not just different window in e-PIT. It’s:

• Different source of income (monetary capital vs other sources)
• Different possibility of settling loss (loss from PIT-38 transfers only to PIT-38, max 5 years, max 50% per year)
• Different moment of revenue creation (for CFD closing position, for stocks sale)
• Different attachments and different cross-checks by KAS

Tax_(PIT38 = 19% × (Revenue - Cost_(acquisition - Costs_(commissions)

Tax_(PIT36_CFD = 19% × (Profit_(closed_positions - Loss_(closed) text( but in other sources section

Both 19% flat, but they don’t combine. You cannot deduct forex loss (PIT-36) from stock profit (PIT-38).

2. PIT-38 - King of investor

Basis: art. 30b PIT Act. Concerns paid disposal of securities and derivative financial instruments… and from 2019 crypto, which are treated as monetary capital.

What in PIT-38:

• Stocks WSE and foreign (Apple, NVDA - sale)
• ETFs (accumulating and distributing - unit sale, not dividend inside)
• Bonds - sale before redemption, discount
• Dividends? NOTE: dividends from Polish stocks are in PIT-38 but in separate section, flat 19% - often collected by payer (brokerage). Foreign - also PIT-38, but you must add and possibly double taxation avoidance method.
• Subscription rights, warrants, certificates
• Crypto from 2019 - sale of crypto for FIAT, crypto for crypto (barter), crypto for goods/service - all PIT-38 crypto section. Cost FIFO.
• Futures on WSE? Complex - if cash settled and are security - PIT-38, but most FX/CFD traders have them on PIT-36 - see interpretations.

Costs in PIT-38:

• Acquisition price
• Brokerage commissions buy + sell
• Exchange fees
• NOT deductible: TradingView subscription, internet, trainings - not acquisition cost.

Deadline: by April 30 next year. For 2025 -> 04/30/2026. PIT-8C you get by end of February.

3. PIT-36 - Home of CFD, Forex, Futures (sometimes)

Basis: art. 10 sec.1 point 9 + art.20 + art.30b exclusions. CFD, spot forex (non-instrumental), part of futures on unregulated market is revenue from other sources.

KIS position 2023-2025: CFD and forex with market maker broker is PIT-36, because it is not paid disposal of security within PIT meaning, but cash-settled difference contract between you and broker. No transfer of ownership of underlying instrument.

Futures on CME via IBKR? Dispute. Part of interpretations says PIT-38 as derivative financial instrument, part (dominant now) PIT-36 as other sources. Safe: ask advisor and file for individual interpretation. In practice of traders in PL: IBKR futures -> PIT-36.

What in PIT-36:

• CFD on indices, stocks, crypto, commodities
• Forex spot (EUR/USD)
• Forex forward
• Part of futures and options outside regulated WSE market
• LP staking as business? No, but CFD yes.

Deadline: also April 30, but different form and different rounding rules.

4. Big Table: Instrument -> PIT -> NBP Rate -> Deadline

Conversion formula per NBP

For each foreign transaction:

Amount_(PLN = Amount_(Currency × Rate_(NBP, table A, D-1

Where D-1 is day preceding day of obtaining revenue / incurring cost. For sale of shares: sale day. For purchase: purchase day. For dividend: payment day.

If NBP did not announce rate (weekend, holiday) -> rate from last business day before D-1.

Income_{foreign} = (Revenue_{USD} × NBP_{sale}) - (Cost_{USD} × NBP_{purchase})

Example: You buy 10 AAPL at 180 USD 2025-03-10, sell at 200 USD 2025-09-15.

• NBP D-1 purchase (2025-03-09 Sunday -> 2025-03-07): 3.92
• NBP D-1 sale (2025-09-14 Sunday -> 2025-09-12): 3.98 Cost = 1800 * 3.92 = 7056 PLN Revenue = 2000 * 3.98 = 7960 PLN Income = 904 PLN, tax 171.76 PLN.

5. How to apply in practice

Step 1: Export CSV from all brokers. Step 2: Tag each instrument PIT-38 / PIT-36 / DIVIDEND / CRYPTO. Step 3: For each foreign: assign NBP D-1 rate via NBP API: https://api.nbp.pl/api/exchangerates/rates/a/usd/2025-03-07/ Step 4: Sum separately PIT-38 and PIT-36. Step 5: Check losses from previous years - you can deduct up to 50% loss annually for 5 years.

Market example: Mixed trader 2025

Ania:

• Profit PL stocks: +30,000 PLN (PIT-38)
• Loss US stocks: -10,000 PLN (PIT-38)
• Profit CFD DAX: +50,000 PLN (PIT-36)
• Loss forex: -20,000 PLN (PIT-36)
• Crypto: +20,000 PLN (PIT-38 crypto separate section)

Settlement:

• PIT-38 stocks: income 20,000 (30k-10k) -> tax 3,800 PLN
• PIT-38 crypto: income 20,000 -> tax 3,800 PLN (separate, but same form)
• PIT-36 CFD/forex: income 30,000 (50k-20k) -> tax 5,700 PLN Total 13,300 PLN. Cannot compensate forex loss with stocks.

If Ania had loss 40k from stocks 2024 in PIT-38 -> can deduct max 20k in 2025.

6. Beginner mistakes

1. CFD on PIT-38 - most common mistake. KAS has algorithms comparing PIT-8C vs declarations. CFD has no in PIT-8C from Polish broker? Because Polish CFD broker gives you PIT-8C with section “other sources” and enters it into PIT-8C to PIT-36.
2. NBP rate from transaction day, not D-1 - mistake 0.5-2% value, with 500k turnover it’s 5-10k difference in income.
3. Not deducting commissions - commission is cost.
4. Crypto crypto-crypto not settled - each swap is income.
5. Foreign dividends not shown because “tax collected” - In USA collected 15%, in PL you must show and pay extra 4% difference to 19% (proportional deduction method).
6. No UPO - you have no proof of filing.

7. Practical exercises

Ex 1: You have transaction: Purchase 100 ETF IWDA at 80 EUR 2025-01-15 (NBP EUR 4.25), sale 100 at 90 EUR 2025-06-20 (NBP EUR 4.30), commission total 10 EUR (NBP 4.28 avg). Calculate PIT-38 income.

Solution: Revenue 9000 EUR 4.30=38700, Cost 80004.25=34000, commission 10*4.28=42.8, income=38700-34000-42.8=4657.2, tax 885 PLN (~220 USD).

Ex 2: Change in sheet all USD transactions to NBP D-1 conversion automatically via =GOOGLEFINANCE? No - GoogleFinance is not NBP. Use IMPORTDATA with NBP API.

Ex 3: Check your PIT-8C for 2024 - in which box do you have CFD? Mark.

8. Checklist

• Downloaded all PIT-8C and marked what is PIT-38 vs 36
• Have instrument list with tags
• Implemented NBP D-1 rate (API or table)
• Calculated income separately for PIT-38 stocks, PIT-38 crypto, PIT-36 CFD/forex
• Checked losses from 5 years back for deduction
• Have UPO for previous year

9. Summary and Next Steps

• 19% is not everything - form matters.
• Stocks, ETF, spot crypto -> PIT-38.
• CFD, forex, most foreign futures -> PIT-36.
• Always NBP D-1 for foreign.
• Losses do not transfer between PIT-38 and PIT-36.

Next: Lesson 02 - Crypto FIFO, staking, airdrops - we will go into details that we only signaled here, and calculate crypto according to FIFO.

Template to download (description): Google Sheets Instrument_Map with columns: Date, Instrument, Type (stock/CFD/crypto), Broker, Revenue currency, Cost currency, NBP D-1 revenue, NBP D-1 cost, Income PLN, PIT.