Blog Q&A Calculators Students Logbook Contact
Earn under R350,000?Click here to see why you still need to file to get your Tax Refund.
CLOSE
Need Help with your 2017 Tax Return?

Get your Tax Return DONE in 20 minutes or less with TaxTim!

Click here

Taxation on foreign bank account

Posted 21 July 2015 under Tax Q&A


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Taxman says:
21 July 2015 at 14:28

I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?

This entry was posted in Tax Q&A and tagged , , , , . Bookmark the permalink.

TaxTim TaxTim says:
21 July 2015 at 15:22

Is this just for money held offshore?

Taxman says:
21 July 2015 at 15:56

Yes, It is for money held in an offshore USD bank account that earns minimal interest.

TaxTim TaxTim says:
21 July 2015 at 16:09

No you do not need to pay tax on the foreign exchange gains and losses.


Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started