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Exchange rate for tax of salaries paid in USD?

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iamsen
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Exchange rate for tax of salaries paid in USD?

Postby iamsen » Mon, 18 Feb 2013 3:28 pm

Since all our business transactions are in USD, and that we're moving all staff out of SG (leaving just a shell co. here) within the next 2 years, we're thinking of just paying everyone in USD starting April.

I didn't find anything regarding wages paid in foreign currencies on the IRAS website but they do have an average annual rate for taxes. I've not done the sums yet but from a quick glance, it doesn't look very favourable to the rates we actually get.

http://www.iras.gov.sg/irasHome/page03a.aspx?id=14304

When paying taxes (corp/income/bribes/etc), anyone knows if we're allowed to set our own rates, or do we have to use theirs?

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sundaymorningstaple
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Postby sundaymorningstaple » Mon, 18 Feb 2013 4:38 pm

I believe you will have to use their rates of exchange which I believe are furnished by the MAS.

iamsen
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Postby iamsen » Tue, 26 Feb 2013 1:43 am

Took some time but got some replies. SMS is right.


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