J96949 Neutral Newbie November 30, 2010 Share November 30, 2010 Do I need to pay income tax for profits earned from Forex Trading? ↡ Advertisement Link to post Share on other sites More sharing options...
Observer 4th Gear November 30, 2010 Share November 30, 2010 ur doing full or part time? Link to post Share on other sites More sharing options...
Vid Hypersonic November 30, 2010 Share November 30, 2010 The answer is "yes". Link to post Share on other sites More sharing options...
J96949 Neutral Newbie November 30, 2010 Author Share November 30, 2010 Part time Link to post Share on other sites More sharing options...
Observer 4th Gear November 30, 2010 Share November 30, 2010 as far as i know, part time dun have to....similar to stocks.. i stand corrected Link to post Share on other sites More sharing options...
J96949 Neutral Newbie November 30, 2010 Author Share November 30, 2010 THanks Bro Link to post Share on other sites More sharing options...
Observer 4th Gear November 30, 2010 Share November 30, 2010 don't thank me too fast, listen to what others say...i may be wrong haha... let's hear what vtim has to say... all the best!!! Link to post Share on other sites More sharing options...
Freestylers09 5th Gear November 30, 2010 Share November 30, 2010 unless u hold taxable dividends in shares other than that no need just ask a simple qn...u lost,who pay for u?gahment?if yes i dun mind..haha! Link to post Share on other sites More sharing options...
Agalvilaku 2nd Gear November 30, 2010 Share November 30, 2010 i guess you still have to pay the tax. My company has given me some RSU (restricted stock units) i.e for free. But, i still have to pay tax for it and paid last year. Tricky part is that, the tax is calculated based on the vesting date, i.e allotment date not based on the sale date. Let us say, company allocates 1 share @ 2 dollar, the tax is computed for 2 dollar. If i sell it for 10 dollar, rest 8 dollar is still not taxable, but if the share become 50 cents, i still have to pay the tax for 2 dollar . I haven't done any forex trading till today, but, don't think it would be any different from stock trading. Link to post Share on other sites More sharing options...
Agalvilaku 2nd Gear November 30, 2010 Share November 30, 2010 unless u hold taxable dividends in shares other than that no need just ask a simple qn...u lost,who pay for u?gahment?if yes i dun mind..haha! Not sure about Singapore, in some countries, you can carry forward your losses for next two years and offset that loss with your profit. So, it depends on each market and the regulations. Link to post Share on other sites More sharing options...
Freestylers09 5th Gear November 30, 2010 Share November 30, 2010 (edited) Here yours is different issue,company allocation to judge as income for gains in shares,is very difficult to determine "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." Edited November 30, 2010 by Freestylers09 Link to post Share on other sites More sharing options...
Sunlight 1st Gear November 30, 2010 Share November 30, 2010 Do I need to pay income tax for profits earned from Forex Trading? Bro u make a lot issit?? Link to post Share on other sites More sharing options...
J96949 Neutral Newbie November 30, 2010 Author Share November 30, 2010 I do not want to use the word 'alot'. HAHA Link to post Share on other sites More sharing options...
Agalvilaku 2nd Gear November 30, 2010 Share November 30, 2010 Here yours is different issue,company allocation to judge as income for gains in shares,is very difficult to determine "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." How do define an investment as capital investment? Some countries define it as investment made for at least 1 year is capital any thing lesser than that considered as trading. You buy something and sell with in a month, shall it be still counted as capital gain? I am a noob when it comes to singapore stock trading or its tax regulations on that part. But, i have investment elsewhere where the tax and term "capital gain" and short term gain differs a lot. Link to post Share on other sites More sharing options...
Davidklt 6th Gear November 30, 2010 Share November 30, 2010 It is required by law for company to report any monetary benefits given to employees but you do not need to report your personal investment to IRAS. i guess you still have to pay the tax. My company has given me some RSU (restricted stock units) i.e for free. But, i still have to pay tax for it and paid last year. Tricky part is that, the tax is calculated based on the vesting date, i.e allotment date not based on the sale date. Let us say, company allocates 1 share @ 2 dollar, the tax is computed for 2 dollar. If i sell it for 10 dollar, rest 8 dollar is still not taxable, but if the share become 50 cents, i still have to pay the tax for 2 dollar . I haven't done any forex trading till today, but, don't think it would be any different from stock trading. Link to post Share on other sites More sharing options...
Throttle2 Supersonic November 30, 2010 Share November 30, 2010 NO...... Link to post Share on other sites More sharing options...
Samnet Clutched November 30, 2010 Share November 30, 2010 no need pay. forex is like buying 4D. winnings are not taxable. they already taxed singapore pools. Link to post Share on other sites More sharing options...
Good-Carbuyer 1st Gear November 30, 2010 Share November 30, 2010 (edited) Do I need to pay income tax for profits earned from Forex Trading? I was told capital gain is not taxable just like Foreign Currency Fixed Deposit (only the interest, not the FX gain taxed). However, if you got no other income/employment, how to justify this is not income to be taxed? I believe part-time not taxable since it is capital gain. Full time is simply income to be taxed (I do not mind if I can make enough to be tax when I get started) Edited November 30, 2010 by Good-Carbuyer ↡ Advertisement Link to post Share on other sites More sharing options...
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