Retail treasury bonds and Polish JDG in 2026
Are retail bonds a company asset, how does the 19% interest tax work and what are the differences between a regular account, IKE-Obligacje and IKZE.
Retail treasury bonds are addressed primarily to individuals. Transferring money from an account used in JDG does not automatically turn it into a company expense or business income.
Available series
The offer may include, among others, the following series:
- OTS - three months,
- ROR - annual,
- DOR - two years,
- TOS - three years,
- COI - four-year inflation-indexed,
- EDO - ten-year inflation-indexed,
- ROS and ROD - family bonds for eligible persons.
Interest rates and issue conditions vary. You need to check the issue letter of a specific series and not copy the rate from an older month.
Tax on regular account
Interest and discount on bonds of an individual are generally subject to a 19% flat-rate PIT. The tax is usually charged by the payer upon withdrawal or redemption, in accordance with the terms of the product.
This income is not combined with a lump sum from the activity just because the funds came from the company. In the case of an unusual purchase by an entity or as part of a real financial activity, the classification must be checked separately.
IKE-Bonds
Income from IKE may be exempt if the payment is made after meeting the conditions of the Act on IKE and IKZE. An early refund may mean 19% tax on your income.
Therefore, it is not true that opening an IKE unconditionally releases every withdrawal.
IKZE
IKZE does not work in the same way as IKE. Contributions can be deducted within statutory limits, and qualified withdrawals are generally taxed at a flat rate of 10%. Early return is settled according to different rules.
The description "IKZE = no Belka tax" omits tax on withdrawal and should not be the basis for an investment decision.
Cost in JDGThe purchase of retail bonds for a private portfolio is not a tax-deductible expense. The owner's withdrawal from the business account is also not an expense.
Risk
Bonds are an obligation of the State Treasury, but this does not mean the absence of all risks. Inflation, interest rates, early redemption fees and the terms of a specific issue are important.
Sources
Do you need to separate your private finances and JDG?
Oxyok provides accounting services for Polish JDGs - from PLN 49 + VAT per month. We do not provide investment advice.