Principles of Taxation of Interest Income or Discount on Covered Bonds Issued in Poland

The rules of taxation of revenues or income from covered bonds issued in Poland may become a significant barrier to the demand for this category of debt securities and, as a result, considerably limit the capabilities of mortgage banks to grant long-term loans for investment purposes. The present study has analysed and assessed the legislation in force in Poland regarding the scope and methods of taxation of interest and discount on covered bonds as a form of revenue or income earned by their holders. The aim of the study is to present various methods of taxation of these revenues or income, determined by the legal status of taxpayers. The thesis verified herein assumes the excessive privileging of non-residents with revenues or income from covered bonds, leading to unequal treatment of the taxpayers who are Polish tax residents. Furthermore, the study demonstrates that the legislator has led to a situation where corporate income tax payers are treated more favourably than personal income tax payers as regards the taxation of interest and discount on covered bonds. The formulated de lege ferenda postulates are intended to significantly reduce these differences in the taxation of revenues or income obtained from the same source. The study uses the legal-dogmatic method and, additionally, the analytical method.zbigniew.ofiarski@usz.edu.plUniversity of Szczecin, PolandDzierzbicki C. (2018), Hipoteczne papiery wartościowe. Księga wieczysta a Krajowy Rejestr Sądowy, “Przegląd Ustawodawstwa Gospodarczego” No. 3.Dżuryk A. (2018), List zastawny jako przykład bezpiecznego hipotecznego instrumentu finansowego, “Journal of Management and Finance” No. 4/1.Dżuryk A. (2017), List zastawny a stabilność polskiego systemu finansowego, Centrum Myśli Strategicznych, Sopot.Gomułowicz A. (2016), Prawna formuła kosztu podatkowego, Wolters Kluwer, Warsaw.Lepczyński B., Gostomski E. (2020), Metodyczne i rynkowe aspekty ratingu listów zastawnych – doświadczenia z rynku niemieckiego, “Polityki Europejskie, Finanse i Marketing" No. 23.Michalski M. (2020), Regulacje prawne dotyczące listów zastawnych, “Prawo Papierów Wartościowych” No. 4.Michalski M. (2020), Listy zastawne jako typ normatywny papierów wartościowych, cz. II, “Prawo Bankowe” No. 2.Radzikowski K. (2009), Pojęcie kosztu uzyskania przychodów w ustawach o podatkach dochodowych, “Przegląd Prawa Publicznego” No. 10.Reksa Ł. (2002), Bariery rozwoju banków hipotecznych i listów zastawnych w Polsce, “Bank i Kredyt” No. 10.Sekita J. (2017), Rozliczanie podatku u źródła, Wolters Kluwer, Warsaw.Sekita J. (2011), Opodatkowanie dochodów osób fizycznych z inwestowania i lokacji majątku, Wolters Kluwer, Warsaw.Sidorowicz R. (2016), Rezydencja podatkowa osób fizycznych – wybrane aspekty na tle praktyki organów podatkowych i sądów administracyjnych, “Monitor Podatkowy” No. 12.Wudarski A. (2003), Podstawy prawne działalności banków hipotecznych, “Prawo Bankowe” No. 11.Act of 26 July 1991 on Personal Income Tax (Journal of Laws 2021, item 1128, as amended).Act of 15 February 1992 on Corporate Income Tax (Journal of Laws 2021, item 1800, as amended).Act on covered bonds and mortgage banks of 29 August 1997 (Journal of Laws 2020, item 415).Act amending the Act on Bank Gospodarstwa Krajowego and certain other acts of 5 January 2011 (Jour nal of Laws No. 28, item 143).Act amending the Act amending the Act on covered bonds and mortgage banks and certain other acts of 24 July 2015 (Journal of Laws 2015, item 1259).Judgement of the Provincial Administrative Court in Warsaw of 16 April 2008, IIISA/Wa14/08, LEX No. 483258.Judgement of the Supreme Administrative Court of 24 November 2009, II FSK 968/08, LEX No. 589002.Judgement of the Provincial Administrative Court of 12 January 2011, III SA/Wa 3012/10, LEX No. 953869.Judgement of the Supreme Administrative Court of 14 February 2017, II FSK 79/15, LEX No. 2273722.Judgement of the Provincial Administrative Court in Lublin of 7 February 2018, I SA/Lu 1035/17, Legalis No. 1787974.Judgement of the Provincial Administrative Court in Szczecin of 15 February 2018, I SA/Sz 1063/17, Legalis No. 1731485.Judgement of the Provincial Administrative Court in Gliwice of 1 October 2019, I SA/639/19, LEX No. 2729728.Judgement of the Supreme Administrative Court of 30 January 2020, II FSK 434/18, LEX No. 2848035.Letter of the Director of the National Tax Information of 11 March 2021, 0114-KDIP2–1.4010.12.2021.1. OK, LEX No. 580521.Substantiation of the draft Act amending the Act on Bank Gospodarstwa Krajowego and certain other acts – Form No. 3479 of the Sejm of the 7th term.Substantiation of the draft Act amending the Act on covered bonds and mortgage banks and certain other acts – Form No. 3517 of the Sejm of the 9th term.16517