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Tax question

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KazeQuah
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Tax question

Postby KazeQuah » Sat, 10 Jun 2006 12:46 pm

I have been tarding currency with a US broker for about 6months, is my profit from currency trading taxable?

Thanks

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Strong Eagle
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Postby Strong Eagle » Mon, 12 Jun 2006 9:20 pm

Why not? It's not a capital gains activity. Is currency trading somehow a different way to earn a living than say... trading labor for cash, or trading professional experience for cash. You are making income from your labor and I reckon IRAS will be very pleased to take their share.

KazeQuah
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Postby KazeQuah » Mon, 12 Jun 2006 10:18 pm

Hmmm ok thanks for the reply. Another question, if i keep my trading income in a US bank do i need to declare? Meaning I never remittance any money back.

Then I apply a debit card from my US bank and spend the money here, will that avoid tax? legally of coz.

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Postby Strong Eagle » Mon, 12 Jun 2006 10:31 pm

If you are living in Singapore and earning your money here then it does not matter where your bank your profits... tax is to be paid in Singapore. If you claim income elsewhere then Singapore will not tax offshore income but you will be subject to tax from the other country(s).

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Postby KazeQuah » Mon, 12 Jun 2006 10:37 pm

Thank you again for your help.

lising
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Postby lising » Mon, 12 Jun 2006 10:49 pm

First of all, are you local? holding PR or a Singaporean.

2. Do you register a company for this trading?

3. In US you need to pay tax too and the tax is not cheap.

4. Safest place to put the money without being taxed are tax free heaven. Eg Vanuatu, Isle of Man and etc. But it also apply to your nationality, company registered address and the country you stay.

Different country has different Tax law/ act. If the trading company you used apply Sarbox act, then probably your income is trace-able.
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KazeQuah
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Postby KazeQuah » Mon, 12 Jun 2006 11:06 pm

Hi lising, I'm a singaporean. Trading as an individual not a company.
Hmmm, I also trading SG stock how i determind the profit is captial gain or speculation gain. Capital gain not taxable right?


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