OANDA SG

eboy

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anyone knows whether OANDA SG gains are taxable?

asked OANDA and they could not provide me an answer:o
 

Forever84

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capital gains not taxable in sg...
someone ask b4
the thread somewhere here...
 

theReas

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last time i also asked before, now my turn to answer on their behalf :)

As long as this is not your main job, its consider as just capital gains.

so capital gains is not subjected to tax.
 

eboy

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last time i also asked before, now my turn to answer on their behalf :)

As long as this is not your main job, its consider as just capital gains.

so capital gains is not subjected to tax.

what if it is my main job? will they tax anything in excess of 20K per annum?
 

bangkern

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what if it is my main job? will they tax anything in excess of 20K per annum?

It doesn't matter if you have a main job or not.

While we do not have capital gains tax in SGP, if you trade (any investment) very frequently, IRAS may have the opinion that you're conducting a trade (e.g. like provision shop) and tax you on your profits.

And in a game of forex trading, especially on margin trading, you never hold your positions for very long, so it is very hard to say you're holding "for long-term investment".

Don't use the term "capital gains" so liberally. IRAS lax attitude towards enforcement of such income does not make it tax free.
 

sneggg

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Bangkern r u from kpmg tax? Yr nick sounds familiar. Haha
 

Demon_Hunter

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It doesn't matter if you have a main job or not.

While we do not have capital gains tax in SGP, if you trade (any investment) very frequently, IRAS may have the opinion that you're conducting a trade (e.g. like provision shop) and tax you on your profits.

And in a game of forex trading, especially on margin trading, you never hold your positions for very long, so it is very hard to say you're holding "for long-term investment".

Don't use the term "capital gains" so liberally. IRAS lax attitude towards enforcement of such income does not make it tax free.


But if the money is made outside of Singapore, i suppose its tax free ?
 

cllee10

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Since IRAS can tax the trading gain, may i know if i have trading losses, can i deduct the amount from personal income tax also?
Pai seh i really know nothing abt trading income tax.
 

daryltan1988

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no need pay so dont ask anymore, u are more like to bust your account after account if u dont learn
 

cllee10

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no need pay so dont ask anymore, u are more like to bust your account after account if u dont learn

To pay tax to IRAS, i dun mind if i can :s13:. Because to pay tax i need to constantly make profit.
My question is why the IRAS ONLY come to tax us when we make a lot of profit but not telling us we can use the trading losses to reduce personal income tax payment?

Example
Trader A made $200K profit trading FX full time, so he got to pay tax.
Trader B made a loss of $200K trading FX full time but at the same time earned $200K income from other business, can he use the $200K trading loss to reduce payable income tax or does he still need to pay tax becos his net income is zero?

Really appreciate if anyone here can advise me this issue....
 

Nightson

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I'm not surprised that many people are unaware that income from trading forex are subjected to income tax. Most people simply quote "no capital gains tax in Singapore" without knowing what it exactly means. Then again, it is also this group of people who never make much (if any) profit from trading to declare in the first place.

Along the journey of trading, I have learn that the masses make too much assumption, that is why the majority loses in the forex market.

Gains from trading is not gains from investment.
 

forextradingkid

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I had the same question like you before. I approached a successful trader in Singapore who trades for a living and his reply was:

"It all depends on whether profit is considered as capital gain or income.

For captial gain, it is not taxable.

But if you are a full time trader, your profit becomes your income. Then this is taxable.

Same like shares. If your profit is a capital gain, is it not taxable.
But if you are a full time trader, then it is your income and it is taxable.

So keep your profit as capital gain."

Hope this helps

Cheers!
 

hsdasdzmember

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Aiya, you guys... give me headache man. Singaporeans are (including me) not constructive, go in circles?

Anyway, search the IRAS site also ended up in circles.

Go to their site here: iras.gov.sg/irasHome/page04.aspx?id=152

So this is what they say : First They say NO NEED PAY...
---start---
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 subjected to tax. If you buy and sell shares or other financial instruments at a profit, the profit is not subjected to tax.
---end---

Did you read that? "NOT SUBJECTED TO TAX"

Then after that... They say WE ARE WATCHING YOU...

---start---
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.
---end---

Aiya, after reading the last statement multiple times, I feel it's hardly taxable because in the last sentence, they say even with these 3 reasons, they do not determine the gains are taxable. So that's alright.
 

rusty07

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I think they will be alerted when u suddenly make a lot of money....

In that case...it is kinda like a happy problem tho nobody likes to pay tax....u earn enuf to catch their attention then u will likely be able to afford the taxes.

But suppose a person is full time own time own target trader....how do they fill up the income tax form?
 

tarui04

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just play nice and declare the gains to iras.

iras doesnt like to be bluffed when it comes to this kind of slightly ambiguous areas. the penalty makes it pointless to evade, just pay up, it's a happy problem like what others said
 

C32B

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Received this from Oanda.sg

Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.
Please note that during this halt in trading, you can still access your account details but no trading activity will be accepted. For this reason, OANDA strongly recommends that all traders consider minimizing currency exposures prior to the trading halt.
If you do intend to maintain open positions during this period, be aware that OANDA will hold exchange rates steady during the trading halt. However, when trading resumes, rates will immediately adjust to the current market rate and it is possible that the updated rate could result in a margin closeout if the price has moved significantly against your positions. Therefore, it is your responsibility to ensure you have adequate funds in your account to prevent a margin closeout.
OANDA apologizes for any inconvenience this may cause.
For more information, please contact a Customer Service representative.
Best regards,
OANDA Asia Pacific team
 
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