Asked on 18 Sep 2019
Is it also 30%?
There is a pattern day trader rulings for daytrade in US market. To avoid getting flagged, you can either
1) have 25k cash in your trading account
2) join a propieraty trading firm that can margin/leverage your account to bypass the rules (usually more expensive for fees and services)
If trading is your main occupation, yes. I know of people of who trade the US market and hold regular jobs, IRAS has not gone after them for their capital gains and trade gains. So i think the answer is no income tax if not your main job
If day-trading US stocks is your main source or only source of income, then it may be safer for you to declare it under "trade income". Alternatively, you may seek advice from your own tax advisor.
Nope, I think that the 30% withholding tax only applies to dividends if you receive. If I am not wrong, capital gains are not taxable.
Wondering if there is any tax experts here that can comment whether it is true that if someone were to daytrade as a full time "job" (and doing in a most professional way possible with segerated accounts, gains/losses seperately tracked from any personal investments, etc)
would that be characterised by IRAS as engaging in a trade/business and subject to income tax? This is even though underlying capital gains on personal account share trading not taxable.
Technically capital gains are not taxable. However, you may wish to clarify with your tax consultant as every person's situation is different.
If you are Singaporean Tax resident, it depends on if you need an income. Example of things that would require an income is taking a home loan, car loan, applying for a credit card.
You can choose not to declare too. Singapore does not tax any capital gains or dividends from trading activities.