Where will the withheld funds go?

The Singapore Non-Resident Withholding tax applies to Interactive Brokers Singapore Pte. Ltd. (“IBSG”) customers who are treated as “non-residents” of Singapore for tax purposes. You are subject to this withholding tax if the country of tax residence on file for your account at IBSG is outside of Singapore…

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”)…

The Singapore Non-Resident Withholding Tax will be withheld from each applicable interest payment at the time the payment is made to the customer.

Additional Information…

The Singapore Non-Resident Withholding Tax is applied to the gross amount of the credit interest and short credit interest payments made to your account at the current statutory rate of 15%.

Additional Information…