Do we pay forex taxes when we make money by trading forex abroad?
First, we evaluate it in terms of Turkey, who paid the taxes that make money in the forex market open accounts I’ve heard yet. There is no clear interpretation on this issue, but it seems a bit ridiculous to declare and pay income, since it is not taken in forex, just as automatic tax and withholding are taken in stock exchange and viop transactions by the brokerage firm. I guess if you go out of your forex income and declare your income to the tax office, our government will not say “no, this is not income, for God’s sake”, it probably takes the tax 🙂
So how does the forex tax event work abroad?
You have opened a forex account abroad. You have funded the minimum amount of collateral or $ 1000 in it. With successful transactions, you have increased your account to 1500 dollars. So you have $ 500 profit. You have withdrawn $ 1500 from your account. And here is the bomb. Your account is reduced to $ 1450, deducting $ 50 after 10% taxation from your income.
Wait, I made a joke, I have traded in dozens of institutions in many different countries so far, I have not heard, seen or read the country that is taxed by forex transactions.
You do not pay taxes abroad in these markets, as Forex transactions are technically involved in foreign exchange trading and making a profit with foreign exchange trading does not enter into commercial gain in any of the countries. You can easily send the money to your bank account or withdraw it to your credit card.