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Tax/Duties by IRAS

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ed_dy
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Tax/Duties by IRAS

Post by ed_dy » Wed, 12 Dec 2007 2:38 pm

Hi

I will be moving to singapore soon and would like to know if i were to transfer my money over to a singapore bank account, how much taxes/duties will i be charged?

Is there a restriction in singapore on how much money we can transfer from america into a singapore bank account?

I tried browsing through IRAS website on the amount of taxes they will charge for transfering a sum of money in but they did not have any information on their web on it.

In any case that taxes are applicable, will the singapore bank that i transferred the money to, assist me in reporting the taxes to IRAS on my behalf or will I have to do it myself?

Thanks alot.

Ed.

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ksl
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Re: Tax/Duties by IRAS

Post by ksl » Wed, 12 Dec 2007 2:44 pm

ed_dy wrote:Hi

I will be moving to singapore soon and would like to know if i were to transfer my money over to a singapore bank account, how much taxes/duties will i be charged?

Is there a restriction in singapore on how much money we can transfer from america into a singapore bank account?

I tried browsing through IRAS website on the amount of taxes they will charge for transfering a sum of money in but they did not have any information on their web on it.

In any case that taxes are applicable, will the singapore bank that i transferred the money to, assist me in reporting the taxes to IRAS on my behalf or will I have to do it myself?

Thanks alot.

Ed.
I don't believe taxes are paid on any income, earned outside of Singapore, So if you transfer the money it should be tax free...until interest is earned in this country on the proceeds! Although I am only looking at it from a logical point of view, rather than having any knowledge about it.

I would also be interested to know myself...although my transfers are relatively low, i would think in comparison, although I have never had to pay any tax on transfer!

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sillingw
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Post by sillingw » Thu, 13 Dec 2007 11:33 am

we have transferred quite a bit of money from the US to buy properties in Singapore, there is no tax on such transfers, but as usual, if you earn interest here then that would have to be decalared, I have come across no restriction on the amount, although wire transferring above 100K US$ gives the US banks a problem as they have to dclare to the feds so there is more paperwork. The local bank can give you a statement on interest earned, but it is up to you to report to the tax authorities.

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