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What does 'witholding tax' mean?
What does 'witholding tax' mean?
Written by Investor's Assistant (Sean)
Updated over a week ago

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 nett interest earned (interest - service fees) and is deducted when repayments are applied to your account. 

You don't have to submit any further documentation to the Inland Revenue Authority of Singapore, we complete the submissions for you 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'd 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. 

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