Forex Profits subjective to tax ?

theReas

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Hi guys,

I wish to find out that my profits from my forex trading, which is a non local broker company, still taxable?

I tried to do my homework and search around the iras FAQ and found nothing really related.

so must as well i seek some light from seniors here.

thanks :)
 

hareanone

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1 word: NO.

In singapore there is no capital gains tax.
 

zznais

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Depends.

What is your occupation?
Put it in another way, what do you do for a living?

Call IRAS help line - 1800 356 8300
 

theReas

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I do sales line job.

meanwhile also trade forex as side income.

so is that still applicable for tax?

i did check in the iras webby and the closest i found was similar to what he just mentioned capital gain not taxable.

but i just wanna make sure if its the same for forex because those are talking about stocks and shares.
 

iCuteCube

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Why not you write in to ST? Confirm can get 99.99% correct answer.
 

autumm

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if im not wrong, if trading is your main income. Eg. u trade for a living. then yes it is taxable.

If not, the income is considered capital gain and not taxable.
 

Forever84

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i confirm what others mentioned

capital gains not taxable in sg
 

theReas

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i gave a call to them yesterday, and they told me that since my place of business is in singapore; trading my forex in singapore, therefore i am subjected to tax for all my capital gains from my forex trading.

see... now they say this, and their FAQ said that, and you guys said what FAQ said.

so listen to who ah? LOL

not trying to play punk or what, but my main business isnt trading forex.

and this forex company isnt local company, i have no so call middle man to hand me my profits funds. Forex trading account > local bank account.
 

theReas

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btw any one tried to email them by logging in your TAXMAIL?

are you able to log in mah?

i been trying to email them for the past 1 week, and each time i log into my taxmail it always shows log in attempt unsuccessfully, please try again.
 

NMSS_2

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We have already given to you the answers or are you looking for other answers like "yes it is taxable!"? :s11:
 

theReas

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We have already given to you the answers or are you looking for other answers like "yes it is taxable!"? :s11:

i know you guys given me the answer.

i already take it as not taxable because you guys make it more logical enough.

i guess that operator who talk to me is a very new staff, because every question also say please hold on i check for you, then each time i wait over 15 mins and listen to the bloody hold on music.

thanks guys.
 

civicguy

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If you need worry about tax then you must be making a lot lo :)

Seriously only if it is your main line of income. Else they careless.

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eddy2099sg

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Gains from sale of shares & financial instruments
Generally, profits or losses derived from the buying and selling of shares or other financial instruments on your own account are viewed as personal investments.

Capital gains are not subject to tax. If you buy and sell shares or other financial instruments at a profit, the profit is not subject to tax.

When is it taxable

To determine whether an individual is trading, factors such as the frequency and volume of transactions, the interval between the purchase and sale, and the manner of financing the purchase of shares, will be taken into consideration.

The three circumstances factors above alone do not determine whether the gains are taxable.

Source : http://www.iras.gov.sg/irasHome/page04.aspx?id=3556

Basically, your capital gain from forex is not taxable as long as it is a casual once in a while thing. It becomes taxable when you trade with it regularly.
 

theReas

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Source : http://www.iras.gov.sg/irasHome/page04.aspx?id=3556

Basically, your capital gain from forex is not taxable as long as it is a casual once in a while thing. It becomes taxable when you trade with it regularly.

sian liao loh..

i trade now and then, some where around 20 to 25 orders monthly :(

i asked them what if monthly gains is about 20k USD, i havent say finish they said YES, its taxable liao. :(

anyway thanks guys for the attention really appreciate all of your efforts. Cheers!
 

JamesANDY

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Technical analysis as its based on past events not future events making it easier on the emotions. Just avoid looking at the active account balance on your account and stick to your trading strategy.If you could win 80% of trades then your in the money easy.
 

JamesANDY

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Technical analysis as its based on past events not future events making it easier on the emotions. Just avoid looking at the active account balance on your account and stick to your trading strategy.If you could win 80% of trades then your in the money easy.
 
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