Do I have to pay tax on Forex trades?

Asked 3 years ago

Hi, I'm a newbie. I've never really had much to do with taxes before, so any guidance would be fantastic. I have the following questions: Do I have to pay tax when engaging in currency trading with Forex? How much tax would I have to pay? How do I calculate the tax gained on the trades? Thanks in advance!

Tax law Forex trading Forex Tax payments

Osasere Okunloye

Wednesday, August 04, 2021

Yes, Forex traders pay tax. Taxes may differ based on the geographical location of the trader, so I will advise you to contact a tax professional in your area for more details. Generally, profits from Forex trading may be classified as capital gains tax which means deductions amount to about 10%.