Swedish trading and taxes

Hello!

I’m a new forex trader from Sweden, that’s about to start trading live.
Currently i’m using Oanda as my trading platform and PayPal as a “middleway” between my bank and brooker. I wonder, if i trade in Oanda, and lets say want to withdraw 100$. I will then transfer that 100$ from my platform to my PayPal account, and then from PayPal to my bank account.

If i do like that, then i shouldnt need to pay any tax, right?
I did read on a swedish forex forum that you do need to pay tax and yada yada, but how would the banks know where that 100$ comes from?

So basicly i wonder if there is any way the banks can see where my forex earned money comes from.

Im sorry if the grammar is bad, or if the sentences doesnt makes any sense.

Thanks in advance!

Greetings there, fellow svensk!

I’ll stick to English here, as it would be impolite to others not to.

It’s a good question you ask, and one that I’ve pondered as well.

I’ve heard that Skatteverket has some sort of pretty advanced software that supposedly sniffs the internet for all kinds of things and who knows if they have some sort of agreement with Paypal?

Then again, a friend of mine worked in the UK for a couple of weeks and should have paid taxes in Sweden, but he hasn’t heard from them yet.

Safest thing to do though would be to play everything by the books. That’s what I intend to do when I start withdrawing money someday hopefully.
If it’s going to be a real business, I guess the smart thing to do would be to run a clean and proper business.

Btw, nice user name… :stuck_out_tongue:

Yea, i guess that that’s the safest way to do it. But i did spoke with Oanda 5minutes ago, and they said that they didnt share any information with the banks. So i guess unless the banks have secret “h4x0orz” that searches the sourse of where the money comes from, they cant find out where they came from. Especially becouse i use PayPal as a “middlehand” between Oanda and my bank.

Well, the interesting part would be if Paypal shares information with swedish authorities or not, since that’s from where the money in your swedish bank account would be coming.

Oanda’s policy is less important unless you’d transfer money straight from them to your swedish account.

If Paypal does not share any info, you should be safe. Just remember the new, super silly law we have now, where banks have to ask you where the money came from, if it’s more than, I think, 1000 EUR.

So when you transfer 1500 EUR from Paypal back to your swedish account, don’t be surprised if the bank calls you up and asks where that money’s coming from. And they probably report it to Skatteverket also, but I’m not sure about that.

Anyway, it’s not an issue until you want to withdraw money. Maybe get a bank account in Switzerland :wink:

Best regards

Cut and paste from privacy policy of Paypal
Don’t bet on them not sharing with Skatteverket, see the highlighted part:

How we share personal information with other parties
We may share your personal information with:

[ul]
[li]Members of the eBay Inc. corporate family – like eBay, Shopping.com or Skype – to provide joint content and services (like registration, transactions and customer support), to help detect and prevent potentially illegal acts and violations of our policies, and to guide decisions about their products, services and communications. Members of our corporate family will use this information to send you marketing communications only if you have requested their services.[/li][li]Service providers under contract who help with parts of our business operations; (fraud prevention, bill collection, marketing, technology services). Our contracts dictate that these service providers only use your information in connection with the services they perform for us and not for their own benefit.[/li][li]Financial institutions that we partner with to jointly create and offer a product such as the PayPal Plus credit card where we share information with GE Money Bank to determine whether you should receive pre-approved offers for the PayPal Plus credit card. These financial institutions may only use this information to market PayPal-related products, unless you have given consent for other uses.[/li][li]Credit bureaus to report outstanding negative balance accounts, as allowed by law.[/li][li]Companies that we plan to merge with or be acquired by. (Should such a combination occur, we will require that the new combined entity follow this privacy policy with respect to your personal information. If your personal information could be used contrary to this policy, you will receive prior notice.)[/li][li]Law enforcement, government officials, or other third parties when [/li][LIST]
[li]we are compelled to do so by a subpoena, court order or similar legal procedure[/li][li]we need to do so to comply with law[/li][li]we believe in good faith that the disclosure of personal information is necessary to prevent physical harm or financial loss, to report suspected illegal activity, or to investigate violations of our User Agreement.[/li][/ul]

[li]Other third parties with your consent or direction to do so.[/li][/LIST]
PayPal will not sell or rent any of your personal information to third parties in the normal course of doing business and only shares your personal information with third parties as described in this policy.

You shall probably find out, much to your chagrin, that such a route to “launder” your money would not be a difficult trail to find and from what I have heard of the Swedish Tax people, they would not be happy.

England, on the other hand, DOES NOT report winnings as income to the British Government, and probably not to the Swedes either.

If you were to alter your methods to include an address in England, you might find it more to your benefit, as your amounts are a bit too small for the Cayman Islands, for instance.

BUT please check and recheck because what you wish is illegal, although the size of the transfers “may not” attract any attention.

Your decision on this, but I would be slightly hesitant before implementing it blindly.

Thank you for looking that up for me o990l6mh.

I dont want to break any laws or such, just avoid it if possible. Even if it means that the cash needs to take alittle longer walk before i get them.

A friend of mine used to play online poker and so, and he used a bank in Canada that he deposited money to from hes Swedish bank account, and from there to the casinos. And also from the casinos, to the canadian bank to the Swedish bank account. He did that for around a year and hever herd anything from anyone about tax payments or so. Ofcouse he could just have been lucky not to get cought? Or would it work to do it that way? I’ll research it myself ofc. but please dont hesitate if you got some info on the subject! :slight_smile:

I completely sympathize with your desire to avoid if possible.

Good luck pip hunting!

Bump! 3 years have now passed since last reply and would like to know what your takes on this is now. I am also from Sweden and i´m just about to begin using a real money account.

Hello, guys,

Is the tax in Sweden 30% upon Forex earnings or how much? Are there any subtractions for sums under/over a specific amount?