Last updated: April 27, 2026
US dividends in PIT-38: 15% or 19%?
Short answer: Poland applies a 19% flat tax to US dividends. Under the Poland-US tax treaty you can credit foreign tax only up to 15% of the gross dividend. If the broker withheld 30% or 19%, the excess above 15 percentage points does not reduce Polish tax.
Enter a dividend and calculate PIT-38Decision matrix for a 100 PLN gross dividend
| Scenario | Broker WHT | Credit in Poland | Polish top-up | What to do |
|---|---|---|---|---|
| W-8BEN filed | 15 PLN | 15 PLN | 4 PLN | standard case, no excess withholding to reclaim |
| No W-8BEN | 30 PLN | 15 PLN | 4 PLN | recover the excess abroad if the amount justifies it |
| Broker withheld 19% | 19 PLN | 15 PLN | 4 PLN | the excess 4 pp does not reduce Polish tax |
| US REIT or unusual distribution | often 30 PLN | 15 PLN | 4 PLN | check the distribution type and rate in the statement |
Numerical example: Interactive Brokers withheld 19%
An investor received a 100 USD dividend from a US company. The broker withheld 19% WHT, and the NBP rate from the previous business day was 4.1234 PLN/USD.
| Step | Value | Source / formula |
|---|---|---|
| 1. Gross USD | 100.00 USD | broker statement |
| 2. WHT 19% | 19.00 USD | broker statement |
| 3. NBP USD/PLN rate from the previous business day | 4.1234 PLN | NBP table A |
| 4. Gross PLN | 412.34 PLN | 100 x 4.1234 |
| 5. WHT in PLN | 78.34 PLN | 19 x 4.1234 |
| 6. Polish tax 19% | 78.34 PLN | 412.34 x 0.19 |
| 7. Treaty credit limit 15% | 61.85 PLN | 412.34 x 0.15 |
| 8. Excess WHT | 16.49 PLN | 78.34 - 61.85 |
| 9. Polish tax to pay | 16.49 PLN | 78.34 - 61.85 |
Conclusion: even though 19% was withheld abroad, PIT-38 still shows a Polish top-up because the credit stops at the 15% treaty limit.
Frequently asked questions
Do I pay tax twice on US dividends?
No. Article 30a section 9 of the Polish PIT Act lets you credit tax paid in the US up to the treaty limit. For US dividends the standard limit is 15%, so with a valid W-8BEN you usually pay the missing 4 percentage points in Poland.
What if the broker withheld 19% instead of 15%?
In PIT-38 you can credit only 15%, the Poland-US treaty limit. The excess 4 percentage points does not offset Polish tax. It needs to be clarified with the broker or reclaimed abroad.
Do I need PIT/ZG for US dividends?
Yes. Foreign dividends require a PIT/ZG attachment per country. The source country is the issuer residence, so for US companies you use the USA, not the exchange where the shares trade.
How do I convert a USD dividend to PLN?
Use the NBP average exchange rate, table A, from the last business day before the dividend income date. The same rule applies to the gross dividend and the tax withheld abroad.
What is W-8BEN for?
W-8BEN confirms that you are not a US tax resident. Once filed, the broker can apply the 15% Poland-US treaty rate instead of the default 30% US withholding tax.