The Singapore Non-Resident Withholding Tax is imposed by Singapore under Section 45 of the Income Tax Act of 1947 on applicable interest payments made by Interactive Brokers Singapore Pte. Ltd. (“IBSG”) to customers who are not tax residents of Singapore. This withholding tax applies to interest earned on cash balances as well as Short Sales Proceeds Interest. IBSG is required to withhold 15% of these interest payments and remit this tax to the Inland Revenue Authority of Singapore (“IRAS”).
Additional Information
- Who is subject to the Singapore Non-Resident Withholding Tax?
- How is the Singapore Non-Resident Withholding Tax calculated?
- Is the Singapore Non-Resident Withholding Tax the same as the Singapore Goods and Services Tax (“GST”)?
- When will the Singapore Non-Resident Withholding Tax be withheld?
- Where will the withheld funds go?
- Can I claim any credit for the amount of tax withheld?
- What should I do now?