Wow I didn’t expect to be suspected of being a bot. I am really curious what made you think like that?
Technically you receive tax declaration from your a broker (I use polish one to trade on WSE) with amount of realized capital gains and income tax to be paid. You have until May 1st to pay it.
Last year when I forgot to pay the tax they sent me a reminder. I have polish citizenship I need to check what the law for foreigners is.
Actually I wonder what would have happened if I used foreign broker like IBKR.
There are certain companies that will benefit a lot from end of war in Ukraine (i have couple on my radar), but overall for the Polish economy, I don’t think there will be big impact.
I believe a lot Ukrainians will stay in Poland even after war ends because they have good life and they might have hardly anything to come back. Long term they might be returning to homeland. It is what happened in Poland where there is more expats coming back to Poland, than people leaving the country, which was unthinkable 10 years ago.
Capital gains, including dividend income, are subject to a flat 19% tax rate. It is important to note that the preferential 9% CIT rate does not apply to capital gains.
You are a tax resident in Switzerland, no?
You should generally be taxed based on your tax residency (except if you are unlucky to have a USofA citizenship; haven’t heard of such treatment for any EU country).
Broker you use doesn’t matter.
Curious about this. Anecdotally I also know about people returning to Poland. I have also seen headlines about a government programme encouraging Polish nationals to return. Is this a bigger trend? People returning from the UK mostly or other countries as well? Do they see better job prospects/pay in Poland or is it more a lifestyle choice?
Anecdotally 2 of my 5 school friends who emigrated at some point, returned to Poland in last 5 years. The reason for first friend was financial (stable, decently paid job in Poland), for second friend it was longing for family
The hard numbers don’t show significant impact in 2024. From Polish Statistical Office: The net migration for permanent residence in 2024 reached the value of +9.3 thousand people, which shows how much immigration was bigger than emigration. Net migration in 2024 was about 30% higher than the year before as a result of an increase in immigration and a decrease in emigration (in 2023, the migration balance was +6.8 thousand). In 2024 19.5 thousand persons whose previous permanent residence was abroad were registered for permanent residence. Departure abroad for permanent residence was registered 10.2 thousand persons. The highest net migration was, as in previous years, noted in Mazowieckie voivodship (+3,5 thousand)
When it comes to stocks suggestions provided by me, which format do you all prefer:
option 1: presenting risks and opportunities to allow you to do own assessment and valuation of the company
option 2: my own valuation based on some assumptions regarding future performance of the company
?
I reread the thread, the things you commented on (e.g. tax residency) are things that have been raised in the past by Polish citizens on this forum, doesn’t seem out of the ordinary.
If you’re a swiss tax resident, and your polish broker continues to consider you as being taxed on Poland maybe close your account and switch to some other broker (e.g. IBKR).
I assume you’d need extra paperwork to benefit from the 15% treaty rate between Poland/Switzerland, and not sure if IBKR will provide it:
the domestic WHT rates can be decreased by a DTT concluded between Poland and the payment recipient’s country of residence if certain administrative conditions are met (i.e. the payer obtains a valid certificate of a fiscal residence of the payment recipient/beneficial owner).
This means that you would only get 15% back on your DA-1 and 4% are likely not recoverable (if you can’t do the paperwork).
(still better than the current situation where your broker treats you as a polish tax resident)
I think most people prefer having at least a clear disclaimer, it could also be a waste of time for the readers as things can also be easily hallucinated (and lowers the value of the forum).
Thank you nabalzbh. I remember the thread from 2023, where Frugo suggested to reject PIT-38. When I did it, polish IRS came after me. I was able to claim back part of tax for companies, iirc, which have more than50% of physical assets outside of Poland (I know it sounds crazy). I am going to hire professional tax advisor who will hopefully help avoid taxation in Poland.
One interesting ‘space’ PL firm to analyze, if any one is interested: Creotech Instruments. The company builds satellites and satellite management solutions. Thoughts? other ‘space’ companies?
What do you use to analyze stocks on Polish stock exchange. Best I found so far is https://stooq.com/t/?i=582 . Every company is described pretty well, with links, etc.
Well, for me it was pretty obvious that it is a mostly AI output. We had some shitstorms about AI outputs，but have not come up with a policy yet. I would say, good practice would be to verify the output.
Creotech
I hold small position in Creotech and I like its perspective. The reason I bought is:
It has great pipeline of contracts for 2025. In 2024, revenue amounted to 26 million PLN. Based on the calculations of signed contracts, revenue for 2025 — in addition to ongoing or concluding contracts — should increase by 300 million PLN. Even if payments shift by two quarters, it would still amount to around 140 million PLN. The CEO said they sell their satellite systems with ~40% margin. It would give between 56-120MLN net profit. With current market cap of 875MLN it gives forward P/E by end of 2025 at 15.6-7.3. Not bad for growing business.
I understand the business. There was recently an interview with founder and CEO Grzegorz Brona, which describes the history of the Creotech and its business model. They mainly source contracts from national agencies (such as European Space Agency). There is a shift in Europe (according to CEO) to be independent in production of satellites platforms (they don’t buy anything from China, they are in process to not buying anything from US). The market for small satellites is growing. CEO anticipates that Creotech could capture up to several millions USD a year of that market, if the trend in Europe of becoming independent in satellite production continues. Polak buduje satelity i systemy kwantowe - wprowadza Polskę do kosmicznej elity - Grzegorz Brona - YouTube
I bought it when it was cheaper than it currently is. There is of course risk that completion of contracts will be delayed which will negatively impact financial results.
Which tools I use to analyze polish stocks
www.biznesradar.pl - for latest financial data, shareholders and multipliers info (unfortunately only in polish)
app.scrab.com - for charting (comparing current valuation with historical ones). Not great for small polish stocks as it is missing data
portalanaliz.pl - individual investors discussion forum. Similar to this one but threads are organized per company. It is very vibrant and active community where people participate in General shareholders’ meeting, make notes, ask questions and share them in the Forum. People also share latest info about companies and s. Super helpful but unfortunately 100% in polish
Business class - YouTube - interviews with owners of public and private polish companies. Very useful to understand business model and dynamics which impact business performance.
*LLM used in this post to translate Walne Zgromadzenie Akcjonariuszy to General shareholders’ meeting
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