Capital Gains Tax

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quidsin
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Capital Gains Tax

Post by quidsin » Mon, 16 Feb 2009 11:53 pm

I am currently trading FX via an online broker where my base currency is in SGD. Am i liable for capitain gains tax on my profits?

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sundaymorningstaple
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Post by sundaymorningstaple » Tue, 17 Feb 2009 12:09 am

Haven't checked the capital gains tax structure here, but it doesn't matter what currency it's in or the fact that it's online, you are operating from here therefore it's taxable here. I got that direct from IRAS's mouth about a month ago in response to another thread here.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Strong Eagle
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Post by Strong Eagle » Tue, 17 Feb 2009 8:06 am

I am not a lawyer and... if you are "trading", you don't pay capital gains tax, you pay income tax on your profits.

http://www.iras.gov.sg/irasHome/page03.aspx?id=3556

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