IRAS Provides Average Exchange Rate Tool for Preparing Tax Computations

The Inland Revenue Authority of Singapore (IRAS) has provided a new Exchange Rate Search Function tool (XLSX) for use by taxpayers in Preparing a Tax Computation.

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Exchange Rates

Please refer to the MAS website for exchange rates data.

For tax purposes, please note that the average rate of exchange to be used for any year of assessment (YA) is the sum of the total end-of-month rates for the relevant basis period, divided by the number of months within the basis period. For example…