Transfers Poland-Norway - what are the rules? Is tax payable?

Money transfers between Poland and Norway are a common part of life for people living or working in these two countries. However, there are certain rules and regulations worth knowing to avoid misunderstandings when transferring funds. In this article, we explain the rules for money transfers between Poland and Norway, as well as the differences in tax and documentation requirements in both countries.

Rules in Norway

In Norway there is currently no gift tax, which means that no tax has to be paid on transferred funds.

However, if the amount transferred to another person/entity exceeds 100.000 kroner per year, it must be documented in the annual tax return (skattemelding). There are no other obligations connected with transferring money from Norway to Poland or from Poland to Norway.

Gifts do not require any special documentation, so you can transfer funds without unnecessary formalities. Transfers between your own private accounts also do not require documentation, although in the event of an audit you may need to provide an explanation.

Rules in Poland

In Poland, the matter is more complicated. There are several important points worth knowing:

1. Transfers between your own accounts in Poland do not require documentation or taxes, which is in line with the rules applicable in Norway.
2. However, from the amount of 4902 zlotys (this amount may vary depending on the year and tax group), it is necessary to report the gift and pay tax on part of the transferred funds. An exception applies to gifts from spouses, children, grandchildren, parents, grandparents and siblings - these will not be taxed, provided they are reported using form SD-Z2.
3. For a gift to be subject to reporting, it must concern assets located in Poland or the recipient must hold Polish citizenship or live in Poland.
4. The recipient must report the gift on form SD-Z2 within 6 months from the date of receipt.
5. Gifts from persons other than those listed in point 2 are subject to tax, and the tax rate depends on the value of gifts transferred by one person over the last 5 years.
6. Please note that failing to report a gift may result in tax being charged at the highest rate, which is 20%.

Summary

Private transfers between Poland and Norway are relatively straightforward and tax-free in Norway, but it is worth being careful and following Polish regulations. Understanding these rules can help avoid unnecessary problems when transferring funds between these two countries.

Questions? If you would like to discuss your case individually, you can use the contact section to write to us or call us.