What does 'PIT' mean?
Find out what PIT means. PIT is explained by Tim Hill - author of Buying Property in Poland
PIT
PIT 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.
Search result for 'PIT' in Buying Property in Poland
Chapter 2:
Poland Today
"...PITever the Polish channels are also worth watching as they air a great many English and American films in a curious way. Polish dubbing is not literal. Instead of giving the likes of Tom Cruise or Brad PITt a new voice they keep the original soundtrack and a Polish voice, ..."
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Chapter 16:
Financial Fees and Obligations
62.
"... 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 ..."
"...Properties held by individuals who are registered as businesses and the property is part of the company must pay profit on the property at the Personal Income Tax (PIT) levels (see above). Note real estate used for business purposes has more complex legislation as it is possible to depreciate buildings. For this reason a qualified accountant should be hired who can look into your individual circumstances and advise you accordingly.
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