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How is forex trading taxed in your country?

  • #101
  • Sep 13, 2008 2:50pm Sep 13, 2008 2:50pm
Quoting jagui
Of course this is entirely subjective.
For me this is true comparing to usa, france, holland, uk, germany, all countries I spent much time in.
Among the countries I can say to have spent much time in, only greece and spain compare to Italy about hot girl incidence rate
I can't say nothing about other countries.

The single most beautiful girl I've seen was a dutch girl.

Peace and Love !!
Ive got to agree.

There are alot more pretty girls in italy compaired to the Uk atleast. Depends where you are in italy ofcourse, but as a general rule (atleast in the south) the girls are alot more respectfull of themselves. In the Uk you can get jiggy after a 5min chat.

Cant wait untill I have to worry about forex taxes.

Leon
Living the adventure in my head.
  • #102
  • Sep 13, 2008 7:00pm Sep 13, 2008 7:00pm
In the UK it "officially" becomes taxable as income as soon as it becomes your main source of income - i.e. you become a professional. The same can be said of gambling - its apparently often abused though, and spread betting shops don't like to point that out the potential liability
  • #103
  • Sep 13, 2008 9:28pm Sep 13, 2008 9:28pm
Why move from where you live (unless night trading is too tiring), when you can move your capital into and offshore forex trading company.

Trading forex through an International Business Company in Belize, BVI, and Panama ... is tax exempt - the rate is 0. Plus the money is asset protected, even a judgment cannot be enforced against an offshore company for Civil matters.

A corporate account can be opened with most brokerages in the name of the IBC, using an offshore Director, and naming you as the authorized trader. There is not capital gains or withholding using a US broker - W8BEN exempt. It has worked well for thousands of our clients for more than 10 years. see: can-offshore.com

It is worth considering when you make a good income from Forex.
  • #104
  • Sep 14, 2008 3:43am Sep 14, 2008 3:43am
Quoting Trader KGB
One has to wonder how these smaller countries (Slovenia, Hungary, etc) with high FX tax rates are even able to verify what their residents report, especially if said residents are using foreign brokers. I'm not advocating tax underreporting, just wondering how these gov'ts have the ability to track down and/or verify that everything is being reported as it should..
Yep you are right
I lived 2 years in Bulgaria and literally paid nothing anywhere...
I had that time another sort of business. But nobody does not bother to control my incomes.
it's o'k to win ...
  • #105
  • Sep 14, 2008 9:02am Sep 14, 2008 9:02am
Quoting puteraku73
No TAX in Malaysia....
I am Malaysian too. Can please feed me more info on this tax issue? I was told that if the activity (trading execution) is done in Malaysia, the profits if subject to tax, if, receive in Malaysia.

Please help....Thank a lot.....
福 子 Victor V
  • #106
  • Sep 17, 2008 12:43am Sep 17, 2008 12:43am
So how about Switzerland??? I found this on whatyouclickiswhatyouget website: Swiss based therefore no capital gains tax on foreign exchange profits
  • #107
  • Sep 17, 2008 4:18am Sep 17, 2008 4:18am
its free here in lebanon
i know itl change in the next few years as it becomes more and more popular
but yea for now its no taxes
  • #108
  • Last Post: Sep 21, 2008 7:49am Sep 21, 2008 7:49am
Quoting Spectator
In the UK, if done through a spread betting firm, there is no tax payable on forex gains. I don't know what happens if you trade through a broker that is not classified as a spread better...I presume you would pay capital gains tax rates (circa 18%, but with a 9200 tax free threshold). If you aren't interested in dividends, or wish to short shares, then there is no tax payable if done through a spread betting firm. UK residents can also place up to 7200 in a tax free share ISA which can then be used for buying and selling shares without having to pay capital gains tax...having said that ISAs have to be nominee accounts, so you are exposed to the risk of the holding institution going bust.

So, I do my currency trading, share shorting and short term buys through spread betting firms. Long term stock market and ETF stuff are held in my ISA and this leaves me a tax free allowance of 9200 for my gold capital gains. Unless you have stupid amounts of money, you can avoid most tax on investments. The UK really is a speculator's paradise...not sure it is a good thing for the society as a whole as it is a regressive tax benefit favouring the rich and "sophisticated"..however, when in Rome...
Spectator, just have come across your post. Which broker do you use - IG or there is somebody else providing spread-betting service in the UK?

Have a great week-end
Ju.
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