For those who want to hide their forex profit from tax, beware opening account with brokers that require W-8 form to be signed.
W-8 Form is required to be signed by most brokers like IB, FXCM and OANDA.
Do not take lightly signing such a form.
Using the data on the W-8 form, the US tax office feeds information on your forex trading profits with tax offices around the world.
Unfortunately for many countries, people who work in tax offices are corrupt individuals and they use such information to extort money from citizens who trade at those brokers.
W-8 form, more often than not, is used for extortion in many countries.
W-8 Form is required to be signed by most brokers like IB, FXCM and OANDA.
Do not take lightly signing such a form.
Using the data on the W-8 form, the US tax office feeds information on your forex trading profits with tax offices around the world.
Unfortunately for many countries, people who work in tax offices are corrupt individuals and they use such information to extort money from citizens who trade at those brokers.
W-8 form, more often than not, is used for extortion in many countries.