The Namibian Revenue Service (Namibian IRS) has recently clarified its position on the taxation of forex trading in Namibia. This means that, if you’re trading as a business, you may be taxed differently from how you think you are taxed! To ensure that you don’t face any unforeseen tax liability and get your taxes right the first time, follow this step-by-step guide to figure out just how much tax forex traders pay in Namibia!

An Introduction to Forex Trading

Forex trading is buying and selling the currencies of one country to make profits from the changing values. It can be a great way to diversify your portfolio, but it also carries inherent risk. You may have heard that forex traders don’t pay any tax on their trades, but this isn’t exactly true.

How Much Tax Do Forex Traders Pay in Namibia?

Forex traders in Namibia pay different tax rates depending on how much they make from trading forex. Those who are residents of the country and have made less than $7,500 a year are subject to a zero percent tax rate. Those who have made more than $7,500 per year will be taxed at 15 per cent.