What does 'PIT' mean?
Find out what PIT means. PIT is explained by Tim Hill - author of Buying Property in Poland
PITPIT is Personal Income Tax. Foreign buyers and investors are liable to pay tax on any profit arising from their properties while they have ownership. Most commonly would be due to a rental income generated from tenants.
PIT is due annually and the Polish tax year runs from January to December. You can deduct expenses from your income such as the fit out of a shell, service charges and mortgage interest payments.
Be aware that PIT is often overlooked or ignored by foreigners but when the Polish Inland Revenue catches up the fines and interest required are substantial.
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Chapter 2: Poland Today
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Chapter 16: Financial Fees and Obligations62.
"... business purposes (in exact terms where the property was used for VATable activities). - Post Transaction Costs and Fees - - Personal Income Tax (PIT) - If you are going to rent your property to tenants then you are going to generate an income arising in Poland and be liable to ..."
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