declare

paying taxes when trading forex online



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hi everyone this is Ryan and for today's

topic I'm gonna be talking about how to

pay your taxes when you are trading

Forex okay so I have had a number of

students come up to me to ask about

about paying your taxes related to Forex

now we see the thing is that uh this is

a bit of a gray area right field is a

bit of a gray area no matter which

country you come from

right so I'm from Singapore right by

right capital gains is not taxable in

Singapore right taxable capital gains

meaning a change made from investments

right and this investment income has to

be less than your monthly income right

so but when I'm training when I'm

training forex full-time that becomes

your full-time income right so so this

means that you know if you have no job

income and you're making your income

100% of Forex Forex becomes your primary

income and then you need to pay taxes on

that so what do I do in this situation

alright so you know that uh you know

when when you're training and then you

lose the government keeps quiet write a

text man keep quiet nobody's gonna come

collect taxes from you when you don't

make money right it's only when you

start making profits ha that's where the

text men comes knocking on your door

right so what I do is whenever I

transfer money back to my bank account

in Singapore I declare my Texas okay so

for example this year I withdraw

$100,000 accumulated over one year all

right let's say I withdraw $100,000 into

my Singapore bank account I would

declare that I'm in a hundred thousand

this year all right and uh well of

course I'm not going to declare the

money that I redraw into maybe my

Malaysia bank account or my Hong Kong

bank account

you know because those money didn't come

into Singapore so I'm not going to pay

any taxes on those money that I made

from you know they're I transferred into

my accounts in other countries alright

so I you know like I said earlier Forex

is a bit of a gray area right I feel

that my income is the money that I

go back to Singapore so I'm willing to

pay taxes for them right but money which

is still in my trading account money

which is in other accounts overseas

I don't declare that all right so I you

know I'm not saying that you should do

that it's just my way of doing it and

you know if you have a if you have any

other guidelines that you want to share

with me I'm more than willing to do to

listen as well all right so that's all

for today's topic remember to like my

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youtube channel alright so I'll see you

in the next video bye bye