Poland: One-Time Certificates updated – Update

08.07.2024

Note: This Announcement, originally published on 23 April 2024, has been updated to provide clients with additional details. Changes have been highlighted.

Clearstream Banking1 informs clients that effective

immediately

an updated version of the following One-Time Certificates for the Polish market have been published under Tax Forms to use - Poland:

  • One-Time Certificate for Polish Debt Securities
  • One-Time Certificate for Polish Equities
  • One-Time Certificate for Polish T-Bonds

Changes are meant to reflect the taxation regime applicable as of 1 January 2024 as communicated by Clearstream Banking’s local depository (please also refer to announcement A23081).

Impact on clients

Taxation rules applicable as of 1 January 2024 do not affect the following asset types:

  • T-bonds
  • T-bills
  • Municipal bonds
  • BGKsand BFGsissued before 1 January 2019
  • Corporate bonds issued before 1 January 2019
  • PLN denominated mortgage bonds
  • Equities

Therefore, to the extent holdings are limited to the above-listed asset types, the existing certification remains valid and Clearstream Banking clients do not have to take any specific action.

However, the following asset types became taxable as of 1 January 2024:

  • EUR denominated mortgage bonds
  • BGKs or BFGs issued on or after 1 January 2019
  • Corporate bonds issued on or after 1 January 2019

Therefore, clients holding any of these asset types should complete the appropriate One-Time Certificate using the new forms as made available in the Tax Forms to use – Poland section and follow any additional steps described by Clearstream Banking for certification purposes.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.

------------------------------------------

1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation Accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

2. "BGK" stands for Bank Gospodarstwa Krajowego.

3. "BFG" stands for Bankow Fundusz Gwarancyjny.