Is PIT-8C so important?

I often come across the question from investors "does the broker issue a PIT?", Where one of the main criteria when choosing a real account offer is whether the client will receive such a document or not. Is it right? In my opinion, absolutely NEVER .

What is PIT-8c?

It is a document issued by the accounting department of the brokerage house, where there is a summary of such values ​​as revenues (accumulated transactions ended with a profit) and tax deductible costs (accumulated transactions ended with a loss) on all customer accounts within one company. It is helpful in settling tax. Helpful but not necessary.

The statutory obligation to issue such a document applies only Polish brokerage houses. I note that we are talking here about licensed brokerage houses, not about foreign companies that operate and / or advertise in Poland.

READ NECESSARY: Taxation of income from the Forex market. Part 1-4

Foreign brokers do not issue such a document for two reasons:

1. because they are not obliged to do this, and this would only generate additional costs (accountant's work, sending a registered letter abroad),
2. they would have to monitor changes in Polish tax regulations on an ongoing basis.

However, the benefits would be relatively small in relation to the inconvenience of such a solution.

Why is not PIT-8c so important?

On the basis of PIT-8c, the investor fills in the PIT-38, where the tax rate and the amount to be paid or to deduct are already entered. The act states that the taxpayer is, of course, liable for all mistakes and erroneous settlements. This means that if an accountant commits a blunder (and such cases have happened) and eventually an erroneous settlement occurs, the investor pays the penalty. This means that, as a consequence, everything should be recalculated to ensure that no mistake has ever been made.

Investors' concerns about the lack of a PIT-8C result from the fact that it all has to be calculated and filled in. Wrong. The calculation problem arises only when we keep the account in a currency other than PLN. Then you should convert each transaction from the foreign currency to the domestic one, at the appropriate NBP rates. Troublesome? Only apparently. Forex Club offers all its clients a free program - 'Forex Club - Tax'that allows you to easily and quickly calculate all the values ​​necessary to fill the PIT-38.

You are not a Forex Club client? You do not have to panic. 

In addition, most foreign brokers already offer accounts in Polish zloty, which definitely makes everything easier and even counting everything manually, unless we have several thousand transactions, you can calculate receivables in several dozen minutes based on the account history from the platform. More convenient can order the calculation of accounts receivable office, where the cost should certainly not exceed PLN 100.

When choosing a broker, it is better to pay attention to such factors as transaction fees or the speed of order execution. As a result, it may turn out that we will pay several times more for the mere fact of receiving PIT-8c than we would have been required to provide such an accounting settlement.

Remember that we only settle tax once on 12 for a month, and we conclude transactions throughout the year.