Taxing the money made in Forex market?

[Elmira Nancy]

First Question: Do I need to pay tax on the money which I have made in forex Market (Foreign Exchange)? Somebody told me TAX already is included in the pair spread and you don’t need to pay any extra tax! Something like spread betting that is tax free!
Second question: If I have to pay tax on the money made in forex market, How would I pay it? I am full-time employed somewhere else and my current company takes care of taxing my current income. What is the most efficient way of taking care of this extra money?

 

[Enivid]

The taxation of the Forex income depends on the country you reside in. In most countries (including U.S.) Forex income is a personal income and should be taxed as the personal income.

Spread betting isn't taxed in United Kingdom. But spread betting isn't a traditional Forex trading, so you need to be sure that it's really a spread betting that what you are doing.

 

[Chunnel]

Indeed, good Point Enivid!
Maybe it could be helpfull if you would say in wich country you live in?

 

[daniellefr]

Yes, let us know where you are from. Will be easier to figure out what to do in your case.