hello

[bosdami]

Am a newbie here and i have got an urgent question to ask.
If i have a forex to be managed by a forex trader in africa....and all i just do is withdraw for my own personal earnings.Is it compulsory i pay tax in that kind of situation?
And if yes,, how do i got about it ?
Thanks for this opportunity and i hope to get valid answers.

Thanks dami

 

[richieforex]

Am a newbie here and i have got an urgent question to ask.
If i have a forex to be managed by a forex trader in africa....and all i just do is withdraw for my own personal earnings.Is it compulsory i pay tax in that kind of situation?
And if yes,, how do i got about it ?
Thanks for this opportunity and i hope to get valid answers.

Thanks dami

I am assuming you are based in the UK looking at your profile!

I am not a tax expert and but I have to declare all my earnings.

As an example one of my brokers is an American firm. Any money I withdraw I have to declare and in my case pay capital gains tax which my accountant calculates. I do not pay any taxes in America but I am subject to UK tax laws.

You situation might be different so I suggest you get professional advice especially if there is large amounts of money involved.

I know HSBC were offering nice Swiss accounts to avoid paying tax, might not be the case anymore !!!