30/01/ · Assuming you are actively trading forex (and not just holding on to it for investment purposes for a few years), the loss would need to be declared in the business income section of the tax return. You would need to include the amount you put in /started with as Cost of Sales, and then the amount received must be declared as gross income. The overall amount should equal a loss and should equate to the tax statement received from the trader/investment blogger.comted Reading Time: 1 min 31/07/ · south african banks accused in forex trading collusion appear before competition tribunal July 31, JOHANNESBURG-- Lawyers representing 23 banks operating in South Africa which have been accused of manipulating the exchange rate of the South African Rand against the US dollar say the Competition Commission's case has not shown sufficient 28/01/ · Cape Town – More banks have been named in the forex collusion case, according to a supplementary affidavit filed by the Competition Commission on December 21, The affidavit, made available by the Competition Tribunal on Friday, was filed by the commission’s attorney Mfundo Ngobese
How does one handle forex trading losses? | TaxTim SA
By ANA Reporter Feb 15, The Commission said it had been investigating a case of price fixing and market allocation in the trading of foreign currency pairs involving the rand since April The banks are: Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase and Co, JP Morgan Chase Bank N. A, Investec Ltd, Standard New York Securities Inc.
The Commission also found that the banks manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times. According to the Commission, forex coolusion in south africa claiming losses from the banks, traders of the banks primarily used trading platforms such as the Reuters currency trading platform to carry out their collusive activities. They also used Bloomberg instant messaging system, or chatroom, telephone conversation and had meetings to coordinate their bilateral and multilateral collusive trading activities, the Commission said.
They assisted each other to reach forex coolusion in south africa claiming losses from the banks desired prices by coordinating trading times. They reached agreements to refrain from trading, taking turns in transacting and by either pulling or holding trading activities on the Reuters currency trading platform. They also created fictitious bids and offers, distorting demand and supply in order to achieve their profit motives.
The Commission is now seeking an order from the Tribunal declaring that the respondents have contravened the Competition Act. Further, the Commission also seeks an order declaring that the banks are liable for the payment of an administrative penalty equal to 10 percent of their annual turnover. Business Report Companies. Major banks face prosecution for collusion By ANA Reporter Feb 15, Share this article: Share Tweet Share Share Share Email Share.
Johannesburg — The Competition Commission on Wednesday referred a collusion case to the Competition Tribunal for prosecution against 16 major banks, including South Africa's Absa, Investec and Standard Bank. African News Agency. Share this article: Share Tweet Share Share Share Email Share.
Do Forex Traders pay taxes? (SARS��������♂️����♂️����)
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Finance Minister Pravin Gordhan says price collusion should and will be stamped out in any South African market, whether it’s banking or bread. days ago Tribunal to decide on further action 28/01/ · Cape Town – More banks have been named in the forex collusion case, according to a supplementary affidavit filed by the Competition Commission on December 21, The affidavit, made available by the Competition Tribunal on Friday, was filed by the commission’s attorney Mfundo Ngobese 16/02/ · The banks named in the investigation are: ABSA Bank Limited; Australia and New Zealand Banking Group Limited; Bank of America Merrill Lynch International Limited; Barclays Bank Estimated Reading Time: 3 mins
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