[via PDK]   Now this is important: Coming out of   Under the section titled “Foreign Exchange and Remittance”… Section 6/paragraph  2…    It states:  The currency of Iraq is the dinar. Here is the important part.  “There are no taxes or subsidies on the purchase or sales of foreign exchange” Now this is about Iraq and treaties with IQD and the US …so we don’t know for sure on other currencies. But the US government is clear on this one. No Taxes on exchanging IQD.   [Note:  It is unclear if this document is referring to bank business or individual investors or both.  Consult tax professionals at the appropriate time to determine your taxes.]