is it right to pay tax for forex trading ?
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    is it right to pay tax for forex trading ?

    i want to ask you , is it right to pay tax for forex trading ? mainly i think brokers are not charge any tax for trading. and when we withdraw we also not paying any tax to our country. so what you think ? will we start to pay tax ? or just keep going like this.

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    Registered user Hukam's Avatar
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    No you are not saying right sir we are paying tax to our country but its depend upon your withdrawal payment processor also if you are withdrawing your money in bank then govt will automatically cut the tax from that transaction so don't worry about that and if you are withdrawing in payment processor then from there you can withdraw again in your bank so I think we are paying tax to govt in every case

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    Tax is the right of every state government to pick it up. Forex can be a major contributor to tax for a country, given the large turnover. But until now I have not heard that the forex became the subject of a tax, enjoy it mate.

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    Rookie rinaji's Avatar
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    I think this is dependent on the rules and policies of each country, our country have never taken a tax for the forex traders, but I've heard there is a country that takes tax for traders, but I do not know more about it, and for me is not a problem with the tax for forex trading, but ... I want to ask you, are you going to pay taxes if you always lose money in forex trading?

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    As long as I am concerned and aware, it is not good to pay tax in forex trading, that is why almost all the counties of the world are reasonable to make it tax free. Your bank may later charge you for monthly tax on the money you received, but has nothing to do with forex trading directly. But I heard that Japan has impose a very huge tax on their citizens that trades forex trading.

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    In our country we are committed towards paying tax when certain limit of money earned exceeds and there are tax slabs by which the citizens should abide by when they are making gains. And with regard to the forex trading business i am currently not planning to pay any tax as i am thinking of the legal ways by which i can survive as forex trader in my country where in forex trading business is prohibited.

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    Quote Originally Posted by ashwini View Post
    i want to ask you , is it right to pay tax for forex trading ? mainly i think brokers are not charge any tax for trading. and when we withdraw we also not paying any tax to our country. so what you think ? will we start to pay tax ? or just keep going like this.
    Actually you pay the tax, but you don't know about that, when you withdraw your money in your bank account then the bank deduct the money in lieu of conversion and you can not convert the money without paying tax. When you are going to withdraw your money from ATM or through check then you also need to pay tax, that may be FED. So you are indirectly paying tax.

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    Quote Originally Posted by mehwishraheel View Post
    Actually you pay the tax, but you don't know about that, when you withdraw your money in your bank account then the bank deduct the money in lieu of conversion and you can not convert the money without paying tax. When you are going to withdraw your money from ATM or through check then you also need to pay tax, that may be FED. So you are indirectly paying tax.
    It is always good to pay tax to the government such that an efficient government can surely utilize the same for building better economy for the respective country. This is very much important for all the traders that they gather richness and also distribute the richness around. Paying tax is a good thing according to me but this is totally dependent upon the respective country.

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    Quote Originally Posted by Ashviniurs View Post
    It is always good to pay tax to the government such that an efficient government can surely utilize the same for building better economy for the respective country. This is very much important for all the traders that they gather richness and also distribute the richness around. Paying tax is a good thing according to me but this is totally dependent upon the respective country.
    The income tax and wealth tax are not enough to build up the economies, this is a big misconception among people that with the help of forex trading they can help their governments, remember, if you want to boost the economy of your country then you need to do import and export, you need to create jobs for the people of country, these economic indicators will help to boost country's economy, not only trading in forex and paying tax on your amount.

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    Registered user Hukam's Avatar
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    i think its your own choice mate if you are dealing with a lot of money in forex trading business and earning a lot of dollars from this market then for sure you have to pat tax to govt otherwise income tax department will ask you many things so it will be better if we all will pay our tax on time

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