New regulations on settlement of property disposal

2010-03-08

For the first time, taxpayers will submit personal income tax return form PIT-39 in 2010 to settle the disposal of land and other real property acquired after 1 January 2009, according to Rzeczpospolita.
In the opinion of experts quoted by the daily, in settling a given transaction one should consider regulations in force at the moment of the acquisition of a given property, thus, in this case, provisions of the PIT Act which have been in force since the beginning of 2009.
As of 1 January 2009 a new residential tax exemption is available, under which taxes do not have to be paid by a person selling a property if the funds amassed through the sale are used for housing purposes within the next two years as of the transaction. The exemption not only applies to homes, flats or land in Poland, but also throughout the European Union, the European Economic Zone and Switzerland.

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