Tax on forex earnings | Fin24
 
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Credit Rating

    SA can still avoid a downgrade to junk by Moody’s, says Reserve Bank Governor Lesetja Kganyago.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Tax on forex earnings

Jul 25 2013 15:11
Fin24
A Fin24 user trading in forex writes:

I am trading in forex and would like to know whether I am subject to tax when I bring my earnings into the country. I am happy to declare these.

What would I declare these under and if these are subject to tax, would you be able to advise me at what rate?

Marc Sevitz  of TaxTim responds:

Forex gains and losses would be declared under the “foreign income” section and then in the “business/trading” box.

The rate of tax would be dependent on the taxpayer’s income and the Sars tax tables would need to be used here.

Furthermore, the income would need to be calculated using the Sars monthly exchange rates.

These can be found on the Sars website.

The expenses incurred while earning this forex income can be deducted as well.

- Fin24

Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.


taxtim  |  tax  |  money  |  money clinic
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

#MINIBUDGET2019

Struggling power utility Eskom will take centre stage at this year's mini budget
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...