Is it true that FOREX profits are not taxable until withdrawn from your account? | Forex Factory

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Is it true that FOREX profits are not taxable until withdrawn from your account?

  • #1
  • First Post: Dec 20, 2006 11:48am Dec 20, 2006 11:48am
Hello,

Is it true that FOREX profits are not taxable until withdrawn from your account?

Thanks,

Herringtrader
  • #2
  • Dec 20, 2006 11:57am Dec 20, 2006 11:57am
Quoting herringtrader
Hello,

Is it true that FOREX profits are not taxable until withdrawn from your account?

Thanks,

Herringtrader
yes, apparently in certain countries. I would like to know which ones they are. So if anyone knows of a country where this is the case, please post. I heard South Africa is like this (but don't take my word for it)
  • #3
  • Dec 22, 2006 10:36am Dec 22, 2006 10:36am
I heard that in France they tax the crap out of you for trading Forex.
  • #4
  • Dec 22, 2006 11:35am Dec 22, 2006 11:35am
How and when do you go about figuring out how much taxes to take out?
Binary Options Trader
  • #5
  • Dec 22, 2006 12:14pm Dec 22, 2006 12:14pm
in Slovenia nothing is taxable,...we do not have to pay tax for

a.) cfd
b.) futures
c.) forex
d.) anything trading with margin...

but for stocks & mutual funds we have to pay 20% profit (if) when we sell it or -5% after each 5 years... or 0 after 20 years...

so come to us....
its just money
  • #6
  • Dec 22, 2006 12:21pm Dec 22, 2006 12:21pm
Quoting de123
in Slovenia nothing is taxable,...we do not have to pay tax for

a.) cfd
b.) futures
c.) forex
d.) anything trading with margin...

but for stocks & mutual funds we have to pay 20% profit (if) when we sell it or -5% after each 5 years... or 0 after 20 years...

so come to us....
Is this true even if forex trading is your only source of income? I mean, many countries that don't tax on capital gains and such things will treat it as income if that is your only job (or if it is the main source of your money)
  • #7
  • Dec 22, 2006 1:28pm Dec 22, 2006 1:28pm
its true!!! thats not treaded in ur income,..ok. if u have a business then u pay taxes as a businees,..but not as individual,...so come, come
its just money
  • #8
  • Dec 22, 2006 3:26pm Dec 22, 2006 3:26pm
Sometime in April 2007 I am going to ask exactly that question of a UK tax inspector (along with a few other questions) so when I know I shall post the reply here.
Minesweeper target: 284
  • #9
  • Dec 22, 2006 3:53pm Dec 22, 2006 3:53pm
In Croatia Forex is not taxable, it is illegal, I will have to move to Slovenia. hay neighbours
  • #10
  • Dec 22, 2006 6:29pm Dec 22, 2006 6:29pm
Quoting forexshark
In Croatia Forex is not taxable, it is illegal, I will have to move to Slovenia. hay neighbours
really? You can't trade foreign exchange if you live in Croatia?
  • #11
  • Dec 23, 2006 1:27am Dec 23, 2006 1:27am
In Spain is 18% right now, but some regions have financial autonomy. In mine is 15% of gains. It is applicable to whatever financial operation that generates a patrimonial improvement.

Quoting ycomp
yes, apparently in certain countries. I would like to know which ones they are. So if anyone knows of a country where this is the case, please post. I heard South Africa is like this (but don't take my word for it)
  • #12
  • Dec 23, 2006 1:42am Dec 23, 2006 1:42am
Quoting ycomp
really? You can't trade foreign exchange if you live in Croatia?
Yes, sad but true, and not only FOREX, other leveraged instruments too. outside Croatia only what we can trade are shares, and we need to inform our central bank about transactions that we made, and that was legalized one month ago. but in 2009\10 we will join EU, so this will have to change.
but you can open business and then trade legal...
beautiful country with not so bright politicians
  • #13
  • Dec 23, 2006 5:59am Dec 23, 2006 5:59am
that is so stupid!...its 2007 and u cant trade,...o my good!...didnt know that....yes come neighbour!...its paradise,... and what penalty do u get?...if u decide to trade anyway?...
its just money
  • #14
  • Dec 23, 2006 7:17am Dec 23, 2006 7:17am
Quoting jon167
In Spain is 18% right now, but some regions have financial autonomy. In mine is 15% of gains. It is applicable to whatever financial operation that generates a patrimonial improvement.
no wonder you are dancing...
  • #15
  • Dec 23, 2006 9:31am Dec 23, 2006 9:31am
Quoting ycomp
no wonder you are dancing...
I just stumbled over this, pretty interesting. Not sure what to think about that.

http://video.stumbleupon.com/?p=7m377tk3cl
Steve
  • #16
  • Dec 23, 2006 12:42pm Dec 23, 2006 12:42pm
Quoting PipSteve
I just stumbled over this, pretty interesting. Not sure what to think about that.

http://video.stumbleupon.com/?p=7m377tk3cl
Well, at first hand, all I can say is, the history of democracy is not as simple and beautiful as the ideal it wants to be. If you ever did any reading on Derrida, you'll quickly realize that it is just another "suicide" of democracy.

democracy = the suicidal ideal.
  • #17
  • Dec 23, 2006 12:48pm Dec 23, 2006 12:48pm
I just posted something similiar to this thread. If your in the UK trade futures or spreadbet its tax free 100%!
  • #18
  • Dec 23, 2006 3:40pm Dec 23, 2006 3:40pm
Quote
<HR style="COLOR: #d1d1e1" SIZE=1><!-- / icon and title --><!-- message -->I just posted something similiar to this thread. If your in the UK trade futures or spreadbet its tax free 100%!

Now all you have to work out is whether you want to:

A. pay no tax but get constant requotes, slippage, restrictions on where you place stoploss, etc., from a Spreadbetting firm.

B. pay tax and get a better quality of service
If it's too good to be true, it probably is.
  • #19
  • Dec 24, 2006 11:17am Dec 24, 2006 11:17am
Quoting SimonK
Now all you have to work out is whether you want to:

A. pay no tax but get constant requotes, slippage, restrictions on where you place stoploss, etc., from a Spreadbetting firm.

B. pay tax and get a better quality of service
Pay tax...better life in general According to the video posted - if you don't pay up even though you claim the illegality of income taxing - your life will be miserable
  • #20
  • Dec 28, 2006 9:45am Dec 28, 2006 9:45am
Quoting forexshark
In Croatia Forex is not taxable, it is illegal, I will have to move to Slovenia. hay neighbours
that's so sick how to they explain why forex is banned?
or you have some weirdos on the power saying: "Don't do FOREX, forex is evil! "
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