• Polski
  • Investment funds

    Investment funds enable their participants to collectively invest money in common interest in securities, money market instruments and other property rights defined by relevant regulations.

    In Poland, an investment fund can be established as:

    • open-ended investment fund (FIO),
    • specialized open-ended investment fund (SFIO),
    • closed-end investment fund (FIZ).

    Depending on the type, each fund has a different tax status. Under the CIT Act, open-ended investment funds and specialized open-ended investment funds established under the Investment Funds Act are, as a rule, exempt from tax. The exemption in question does not apply to specialized open-ended investment funds that apply the investment rules and restrictions set forth for closed-ended investment funds.

    In addition to its standard function of investing the money raised, an investment fund can serve as a “holding company” for carrying out certain investments, and can also play an important role in the succession of assets or the company.

    One of the many advantages of such an arrangement is that it is more likely to obtain the necessary financing (e.g., a bank loan) than an “ordinary” commercial company. In turn, in the case of further lending to subsidiaries, the interest received by the fund will, in principle, be exempt from CIT taxation.

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      Winning the case before the Supreme Administrative Court

      on tax control for 2013 and determination of tax liability. Ref. act II FSK 585/20

      Winning the case before the Supreme Administrative Court

      regarding the Company's CIT exemption. Ref. act II FSK 1250/22

      Winning case before the Voivodeship Administrative Court

      on alleged abuse of VAT law. Ref. no. III Sa/Wa 203/22

      Judgment of the Supreme Administrative Court, ref. no. I FSK 1816/20

      The court objected to the very common approach among the tax authorities, but also often among the courts, of attributing an implicit awareness of participation in a fraud by pointing out that the evidence on the record did not show that such awareness existed. The court ordered that very precise criteria be taken into account that would make such awareness of fraud plausible.

      Judgment of the Voivodeship Administrative Court in Warsaw (III SA/Wa 2555/20)

      Judgment on abuse of rights. The court questioned the authorities' instrumental attempts to apply the concept of abuse of rights, pointing out that the conditions for abuse were not met in the evidence on the record.

      Winning case before the CJEU. C-395/09

      The right to deduct input tax when purchasing services from countries considered to be tax havens, Oasis East Ltd.

      Winning case before the CJEU. C-395/09

      The incompatibility with Community law of Polish provisions concerning the restriction of the right of entrepreneurs to deduct VAT on the purchase of passenger cars and fuel for them, Magoora Sp. z o.o.

      Winning case before the CJEU. C-313/05

      Excise duty levied on imported second-hand cars in connection with their first registration in Poland, Maciej Brzezinski

      Most conducted and won cases when representing taxpayers before the CJEU among all Polish attorneys.

      Jerzy Martini - author and co-author of Commentary on the VAT Directive (Unimex ed.)

      Jerzy Martini - author, co-author and editor of Commentary to the VAT Act (publ. C.H.Beck)

      Jerzy Martini - author and co-author of "VAT in the jurisprudence of the European Court of Justice" (publ. C.H.Beck)

      Marek Wojda - co-author of Commentary on the VAT Directive (Unimex ed.) and the VAT Act (C.H.Beck ed.)

      Featured in the 'Law firm on Linkedin - a practical guide' by legal marketing agency Tomczak Stanisławski.

      Repeatedly recognised in the rankings of Rzeczpospolita and Dziennik Gazeta Prawna.

      We teach at universities, including the School of Economics

      Jerzy Martini honoured annually in the prestigious Chambers & Partners ranking, indicated as Band I (highest possible level) in the individual ranking of tax advisers in the Tax Consultants category.

      Authors and commentators of tax publications in the trade press.