Zondacrypto and Tax - How to Avoid Trouble with the Tax Authorities

The Zondacrypto case - not only lost funds, but also a tax problem

The scandal surrounding the Zondacrypto platform is associated above all with the loss of access to funds and the information chaos that has affected thousands of Polish investors. Meanwhile, in the shadow of these events, a problem is growing that may prove just as painful - the tax consequences of failing to settle cryptocurrency transactions correctly.

Many Zondacrypto users are only now realising that the obligation to file a PIT-38 return may have arisen even when they made no sale of cryptocurrency at all. This is surprising for those who assumed that, until they realised a profit, the tax authorities had no questions for them. The legal reality, however, turns out to be far more complex.

An additional factor complicating the situation is the lack of access to transaction history on the Zondacrypto platform. Without this data, taxpayers cannot correctly report either income or tax-deductible costs. It is a classic trap - the tax obligation exists, but the documentation needed to fulfil it properly is unavailable.

In this article we explain what tax obligations rest on cryptocurrency investors, what Zondacrypto users can do, and why it is worth acting quickly, before the Polish Tax Office (urząd skarbowy) takes an interest in the matter.

PIT-38 and cryptocurrencies - when does the tax obligation really arise?

One of the most common mistakes made by cryptocurrency investors is the belief that the tax obligation arises only when digital assets are sold and a profit is realised. However, Polish tax regulations treat this issue more broadly than it might seem.

As tax law experts stress, a PIT-38 return should be filed for every tax year in which the taxpayer incurred expenses on acquiring cryptocurrencies - even if no sale took place that year. This means that the mere purchase of bitcoin, ether or another token on an exchange such as Zondacrypto created an obligation to report the acquisition costs in the annual return.

In practice, many investors did not file a PIT-38 return for years, remaining convinced that settlement would only be necessary when funds were withdrawn to a bank account. This mistaken assumption may today lead to tax arrears going back several years and, as a consequence, to interest being charged and proceedings being initiated by the tax authorities.

Which cryptocurrency transactions must be reported?

It is worth remembering that the PIT-38 reporting obligation covers more than simple purchases and sales of cryptocurrency. Here are the main events that may give rise to tax obligations:

• Purchase of cryptocurrency with fiat currency (PLN, EUR, USD) - generates a tax-deductible cost to be reported in the PIT-38
• Sale of cryptocurrency for fiat currency - generates taxable income
• Exchange of one cryptocurrency for another - in light of the interpretations of the tax authorities, it may constitute a taxable event
• Payment in cryptocurrency for goods or services - treated as a disposal for consideration
• Airdrops and hard forks - their tax classification is sometimes disputed, but they cannot be ignored

Each of these situations requires appropriate documentation, which Zondacrypto users may not have today.

No documentation from Zondacrypto - what can taxpayers do?

The loss of access to transaction history on the Zondacrypto platform puts thousands of taxpayers in an exceptionally difficult legal position. On the one hand, they are subject to the obligation to settle their taxes correctly; on the other, they lack the basic data needed to prepare a reliable return.

Tax law experts warn unequivocally: filing a return with fictitious or unreliable amounts of costs or income may carry a risk of criminal fiscal liability. You therefore cannot simply "estimate by eye" the value of transactions and enter approximate amounts in the PIT-38 form. Such conduct, instead of solving the problem, may make it worse.

What, then, can investors do? The key is to reliably reconstruct transaction data from alternative sources. It is worth turning to:

• Bank statements - confirming transfers to and from the exchange
• Transfer confirmations from online banking systems
• Archived e-mails - transaction confirmations sent by the platform
• Data from external cryptocurrency wallets (e.g. MetaMask, Ledger)
• Tracking tools such as CoinTracker, Koinly or other transaction aggregators
• Screenshots and notes - even informal documentation can be a starting point

Gathering this data makes it possible to reconstruct at least a partial picture of investment activity, which is necessary both for filing the return and for possibly making use of voluntary disclosure (czynny żal).

Voluntary disclosure (czynny żal) - a chance to avoid penalties, but you must act quickly

The institution of voluntary disclosure (czynny żal), regulated by Article 16 of the Fiscal Penal Code, gives taxpayers the opportunity to avoid criminal fiscal penalties, provided that they themselves report irregularities to the tax authority before it begins an inspection or verification activities. In the context of the Zondacrypto case, this tool may prove crucial for thousands of investors.

It is worth remembering, however, that voluntary disclosure does not work automatically and unconditionally. For it to be effective, certain conditions must be met. First of all, the taxpayer must submit the notification before the moment at which the tax authority obtains clearly documented information about the commission of a fiscal offence or misdemeanour. In addition, the outstanding tax must be paid together with interest.

Importantly, experts point out that voluntary disclosure can be effective even when the taxpayer does not have complete documentation. It is possible to submit a notification stating clearly that the data remain incomplete because of the lack of access to the Zondacrypto platform's documentation. Such transparency towards the tax authority is far safer than attempting to "fill in" the data with fictitious amounts.

Why is delay risky?

With each passing week, the likelihood increases that the tax authorities will independently take an interest in the settlements of users of cryptocurrency platforms. The tax administration today has increasingly broad analytical tools at its disposal - including data from banks, information from regulated exchanges and automated systems for verifying tax returns.

If the tax office begins an inspection or verification activities, the right to make use of voluntary disclosure is restricted or excluded altogether. The taxpayer then loses the opportunity to put matters right voluntarily on preferential terms and must expect the full range of penalties provided for in the Fiscal Penal Code, including fines.

What should a cryptocurrency investor do in this situation?

The Zondacrypto case is a painful lesson for the entire cryptocurrency market in Poland. It shows that the risk of investing in digital assets is not limited to price volatility or platform security - it also covers the sphere of tax obligations, of which many investors were not even aware.

If you are or were a Zondacrypto user, you should take the following steps as soon as possible:

1. Gather the available documentation - bank statements, e-mails, data from external wallets, screenshots and any other evidence of transactions
2. Check your previous PIT-38 filings - verify whether a return was filed for every year in which you acquired cryptocurrencies
3. Do not file a return with fictitious data - the risk of criminal fiscal liability is real and serious
4. Consider submitting a voluntary disclosure - but do so in a considered way, ideally under the supervision of a specialist
5. Consult a lawyer specialising in tax law - an individual analysis will make it possible to assess the scale of the risk and choose the best course of action

Remember that time works against the taxpayer. The longer you delay putting your tax affairs in order, the less room for manoeuvre remains in the event of an inspection.

Do you need help settling your cryptocurrency taxes or want to submit a voluntary disclosure in connection with the Zondacrypto case? Our team of lawyers specialising in tax law and in serving cryptocurrency investors is ready to help. Contact our firm - we will analyse your situation and propose a safe solution before the tax office does.