Forex Trading Taxation in South Africa
How much tax do you pay on forex trading in South Africa?
The tax rate on forex trading undertaken through a South African registered firm is 28 percent of taxable income, with no exemptions or deductions. Small business corporations, in contrast to corporations, are immune from tax until their taxable revenue exceeds R75, 750 in the year of incorporation.
Do you pay taxes on forex trading in South Africa?
In South Africa, Forex traders pay taxes on their profits, just like any other type of trader, it is called commissions, it is deducted by the broker. The amount of tax you pay will depend on the country you live in and the tax laws that apply there. In some countries, forex trading is taxed at a higher rate than other types of trading.
Is forex trading legal in South Africa?
Yes. In terms of the Exchange Control Laws only Authorised Dealers (ADs) and Authorised Dealers with Limited Authority (ADLAs), appointed by the South African Reserve Bank (SARB), are permitted to buy, sell, borrow or lend foreign currency.
How much forex can I bring into South Africa?
South African residents over 18 years are allowed to legally take up to R1,000,000 of foreign currency abroad per year in the form of travel allowance. If you do not exchange excess foreign currency within 30 days of returning from your trip, you may be liable to penalties from the Reserve Bank.
