I had to return to this post as taxation is complicated I classified FX as spread betting. Yes cash is an asset but is there a jurisdictional issue over asset disposal and offsetting losses against gains? I have never considered this as my broker is offshore. Interesting points…
Did you just say betterment of your country? The worst thing that ever happened to civilization is taxation and the illusion that you have a say what happens to it.
It was the reason why the gold and silver standard was abandoned and now we have this worthless paper that is masked as money all for the opportunity for state to tax hard working individuals and hand that money to private corporations and banks who pay little or no tax.
You only have to look through history the damage taxation has done to the average working man. Every battle fought by state for the freedom of minorities, access to jobs, etc was designed to increase receipts on taxation.
Take the UK. A budget deficit caused by debts incurred from rescuing careless banks gets blamed on a large welfare state and Polish immigration.
The whole thing is obscene. Now they want to cut funding to ordinary people. I ensure I pay minimal taxes in most cases none. Good luck if they can figure me out…
Margaret Thatcher rightfully says the idea of a nation state is an illusion. I have no flag or country I am a world citizen.
Ya. I need to pay income tax to my govt. But I sill need not to pay for the extra earning for forex. Bangladesh has not any forex broker and they are not enough educated on forex. The people of govt worker are not still related with this market. So I need not to pay any extra amount for this. For this I pay some extra amount in income tax to recover this earning. I feel proud to do this.
Well that is a contradiction to me, because I thought that all governments try to get money from you however witch way you get it and try to pick you bare! :46:
In Holland, lotteries ad. are highly taxed like 30 %. Gambling has some restrictions and laws over here. when you win money in a legally recognized lottery or casino, usually the lottery or casino will pay the tax for you, It is already calculated in the amount the lottery is offering you, so over the amount you receive tax is already paid and to you it only looks tax free. The casino’s consider it business costs. if it is a real big amount you only pay a year later those 4% wealth tax.
Online casino’s are not aloud in Holland (though there are talks about law changes) and you have to pay taxes over the positive difference between losses and winnings whenever you have amounts deposit on to your bank account unless you already paid that in the country the website is registered but you have to prove that.
There are a lot of difficult laws concerning tax over here. Like What I said that above the amount of E 21.000,- you pay only 4%. wealth tax, That is only for a private person. When you have like a small business or shop or what ever, and you use the business money to [B]invest[/B] in Forex, a different tax-law will apply and it will be more heavily taxed, as like about 20%.
I can’t say a whole lot more about it since it is a rather complicated system and I am no Tax-adviser :22:
The whole system of taxation is designed to profit the banks.
Well we are so far from the truth. The reason for unbacking currency from Gold and silver is to be able to tax labour to build infrastructure that is built by workers but of course the resources and capital equipment must be bought so this becomes a fair trade but then war was ushered (I for one believe this is no coincidence) in 1914 one year after the federal reserve act.
This was the unravelling of many of the world’s currencies as currency where no longer backed 1 for 1 with Gold instead they were now backed halfway. The 2nd world war was the nail in the coffin for Europe with the US holding on the Gold.
I rambled slightly… The point is gold is not taxable and without currency it would be impossible to tax the population. The creation of the federal reserve and the introduction of free floating currency meant the modern taxation system is now responsible for collecting and paying interest on currency created out of thin air that our government’s call deficit. A deficit created from the issue of bonds (glorified IOU’ s) that the FED and Chinese have been buying in turn for cash that is then used to pay government workers and big defence contractors who in turn deposit in the banking system who creates more money via loaning the same money thus creating more money in the system which interest is also paid on and tax is collected from all wages this new money pays and these tax are used to pay the principle with interest on the bond held by these Chinese and private banks who collectively own the FED who in turn influence global central banks since everyone is supported by a valueless Dollar.
So you see… Your taxes don’t go to public service the printing press took care of that the moment the penniless FED and maybe even penniless Chinese wrote a blank check to buy those worthless bonds that we have no ability to pay as we have burrowed more than all the Gold and silver we can muster. Since China still have most of the world’s Gold we may just live to see how this story ends.
I have decided no longer to participate in the lie.
sure mate, i suggest you choose Greece;
LOL
taxation in Greece is as light as a gravestone with an elephant sitting on it just to make sure you are not going anywhere; yet, this is not bad enough, there is something even worse and that is HOW THE TAXES ARE COLLECTED in this tax haven called Greece.
PS. do better research before such a decision
PS2. you say you are a student? is this the typical information a student in your country is getting fed? we should open some serious scientific financial books or mags from time to time as traders that we are (or wish to be)
a. it’s important to make a comfortable, within rational and moral boundaries (i.e. taking care of family, accommodation, mobility, recreation) living before paying taxes.
b. taxes should not be considered as an above and beyond obligation of a citizen; like in every give & take relationship (ie commerce, services, etc.) taxes should be paid to serve certain causes. If those causes are not met by the counter party of this certain deal the citizen should deny paying those taxes.
Regarding the government-citizen relationship, taxes included, start from here and here.
I don’t think that forex trading is tax free in Germany. Sooner or later you have to pay your taxes. Think about…If you make 500.000 EUR or more in profits yearly How will you support that money?
