Money transfers between Poland and Norway are a common part of the lives of people living or working in these two NOKAIs. Nevertheless, there are certain rules and regulations that are worth knowing to avoid misunderstandings when transferring funds. In this article, we will discuss the rules regarding money transfers between Poland and Norway and the differences in taxes and documentation applicable in both NOKs.
Rules in Norway
There is currently no gift tax in Norway, which means you do not have to pay any taxes on the funds you donate.
However, if the amount transferred to another person/entity is over CZK 100.000 per year, it must be documented in the annual settlement. There are no other obligations related to transferring money from Norway to Poland or from Poland to Norway.
Donations 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 explanations may be required in the event of an audit.
Rules in Poland
In Poland the matter is more complicated. There are some important things you should know:
- Transfers between your own accounts in Poland do not require documentation or taxes, which is in line with the rules in force in Norway.
- However, from the amount of PLN 4902 (this amount may vary depending on the year and tax group), it is necessary to report the donation and pay taxes on part of the transferred funds. The exception are donations made by spouses, children, grandchildren, parents, grandparents and siblings - these will not be taxed as long as they are reported using the SD-Z2 form.
- For a donation to be subject to the obligation to report, it must concern property located in Poland or the recipient must have Polish citizenship or live in Poland.
- The recipient must report the donation on the SD-Z2 form within 6 months from the date of receipt.
- Donations from people other than those mentioned in point 2 are subject to taxation, and the tax rate depends on the amount of donations made by one person in the last 5 years.
- Please remember that failure to report a donation may result in having to pay tax at the highest rate, which is 20%.
Summary
Private transfers between Poland and Norway are relatively simple and tax-free in Norway, but it is worth being careful and following Polish regulations. Understanding these rules can help you avoid unnecessary problems when transferring funds between these two NOKAIs.
