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Forex Trading in South Africa
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Taxation in South Africa - Wikipedia
SA is by far the largest retail forex market in Africa. Drivers of growth in SA Tightening regulations in Europe in the retail forex space and strict leverage caps have made brokers look outside to reduce their operational costs and expand their markets. Forex trading options for South Africans SA investors can trade in forex using the JSE's currency derivatives or through contracts for difference CFDs and forex spot trading via regulated forex brokers.
Currency derivatives CDs The JSE provides a range of instruments involving currencies that investors can use to trade in forex. The three main types of derivatives on offer at the JSE are: currency futures, currency options, and currency quanto futures, among other options. What you need to watch out for Scams: As money coming in from all kinds of investors, South Africans have become prone to scams in the name of forex and cryptocurrency. This article was paid for by Forex Brokers SA. Next Article. Please read our Comment Policy before commenting.
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There are complex regulations regarding moving your money offshore from South Africa. It is relatively easy to deposit funds into a trading account in South Africa but the broker then must make sure to comply with the rules when purchasing other forms of currency and moving it around. This is where the government has put most of the restrictions. Each South African citizen is given a limit of 4 million Rand that is allowed to be exchanged.
Then each person can apply for an extra 1 million in a discretionary allowance which is doable but requires a tremendous amount of paperwork. The best advice we can offer if you are setting up an offshore brokerage account is probably to open a bank account offshore first because credit card use is much more restricted for overseas investing than bank transfers.
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Getting permission to do the bank transfer can then be done once and you can use that bank account to fund your brokerage accounts. The short and happy answer to this question is, yes — Forex trading is legal in South Africa.
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Small offenders who simply cannot be bothered to report small gains are unlikely to face maximal penalties if caught, but the fact remains that the intentional evasion of tax is a criminal offence subject to a maximum penalty of five years imprisonment plus a fine. So, Forex traders resident in South Africa do not have to worry about getting into trouble for trading, but do have to make sure they pay taxes on the profits. Small-time tax evaders are relatively unlikely to be sentenced to jail, but you can be sure that the fine imposed will be larger than any profit made from trading — judges make sure of that.
It is also possible that a retail Forex trader could fall foul of laws against money laundering if he or she used the proceeds of crime or funds which should have been declared to SARS but were not to fund their initial deposit. The bottom line is that the basically law-abiding Forex trader in South Africa has nothing to fear, although he or she should take care to use only a well-regulated Forex broker , as completely unregulated Forex brokers do exist in South Africa and are unfortunately able to continue operating without being closed, provided they do not engage in any criminal activity.
South Africa, like most countries, has a residency-based taxation system. This means that if you live in South Africa, you are legally required to pay tax on any profits you make trading Forex or CFDs, even if you use a broker located outside South Africa and even if your trading funds are sourced from outside South Africa. The question as to whether you are resident in South Africa will be extremely easy to answer for most people. In a nutshell, if you spend at least 91 days in a tax year physically present in South Africa, you will be deemed to be resident for tax purposes over that tax year and accordingly liable to tax.
The basis of taxation of Forex trading profits in South Africa is relatively simple. If your trading account is in your personal name, profits over a tax year are subject to income tax. However, small business corporations SBCs are taxed more gently, at graduated rates, like income tax.