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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.
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.
