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.
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