Can I claim any credit for the amount of tax withheld?

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 full amount of the tax withheld will be directly remitted to the Inland Revenue Authority of Singapore (“IRAS”) by  Interactive Brokers Singapore Pte. Ltd. (“IBSG”).

Additional Information…

No, the Singapore Non-Resident Withholding Tax is different from the Singapore Goods and Services Tax ( “GST”). The Singapore Non-Resident Withholding Tax is imposed on applicable interest payments made by Interactive Brokers Singapore Pte. Ltd. (“IBSG”), whereas the GST is imposed on commissions paid by you. In general, IBSG is required by Singaporean law to charge GST on certain services provided by IBSG irrespective of the customer’s country of tax residence. …