We are required by law in Singapore to withhold tax for any non-Singapore tax resident on interest earned.
You would have declared your tax residency during your account opening process. If your tax residency has changed since you opened your account with us, please let us know.
Withholding tax is calculated as 15% of net interest earned (interest - service fees) and is deducted when repayments are applied to your account.
You are not required to submit any further documentation to the Inland Revenue Authority of Singapore, we will complete the submissions on your behalf on a monthly basis.
If you are a tax resident in a country that has participated in the Double Taxation Agreement with Singapore and you would like to claim relief from Singapore Income Tax, you may submit a claim to Inland Revenue Authority of Singapore directly and send us the official Certificate of Residence at info@fundingsocieties.com.