You made millions from trading?
Show us your IRAS Tax Return and Tax Payable for 2014!
Trust, Poke and Verify - SMOL
Ask at your next free previews and share the reaction from the Gurus.
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8 hours ago
Isnt capital gain tax exempt in singapore? How to proof?
ReplyDeleteRecord their public statement of making millions on trading and send the recording to IRAS. LOL!
DeleteTheresa Tan – Straits Times
Singapore. Whistleblowers who sound the alarm about tax cheats in Singapore could receive up to S$100,000 ($82,000), after the maximum reward was raised by 10 times.
The Inland Revenue Authority of Singapore (Iras) increased the sum in an attempt to flush out more offenders.
“We want to encourage people to come forward… and to compensate them for any possible risks,” said its assistant commissioner of investigation and forensics, Wilson Ong.
The Iras will pay a reward of 15 percent of the tax recovered, up to S$100,000. Before the increase, the maximum reward was S$10,000.
Ong said whistleblowers will be paid only if their information leads to taxes being recovered. They must also identify themselves to Iras when providing the tip-off if they want to receive the money.
CW,
DeleteRemember that elderly curry puffs owner who innocently told the journalist how many curry puffs he sold in a day for an article?
A few weeks later who read about IRAS auditing and slapping a fine on the owner for under declaring his past revenues and profits.
Talk about whistle blowing on himself!?
Now that's "free" publicity and ego gone bad! His children must be real pissed.
Big tree attract wind.
:-)
DeleteB,
DeleteWe are talking about gurus who "sell" trading ;)
If you don't pay taxes on trading, you are not in the professional league - institution traders, prop traders, etc.
Another sugar-coated way to ask is what commissions the "guru" is getting from his broker. If it's similar to retail, well, that's retail like you and me...
Tip: If you can generate $2,000 to $3,000 commissions per month, you can negotiate with your broker to get preferential commission rates ;)
You are still retail; but you are more equal than other retail. Wink, wink.
For gurus who "sell" investing, you may want to poke and verify how much % they turnover their portfolio per year.
There was one blogger who mistakenly thought Peter Lynch was a long term buy and hold "investor", until I gently poked to ask him to check Peter Lynch's portfolio turnover ;)
Tip: If you can generate $2,000 to $3,000 commissions per month, you can negotiate with your broker to get preferential commission rates ;)
DeleteYou are still retail; but you are more equal than other retail. Wink, wink.
Share this same tip from SMOL.
Once you have preferential commission rates programmed in the system; even you no longer generate that X,XXX commissions per month; you still continue with that preferential commission rates.
Shhh .......