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IRAS Updates Guidance on Foreign Currency Transactions for GST Purposes

|Approved Changes|Singapore
Singapore

The Inland Revenue Authority of Singapore (IRAS) has updated its guidance page on Foreign Currency Transactions, with new sections added on approved exchange rate sources, how to handle different transaction types, and what counts as exchange gains or losses. As noted in the guidance, if a business makes sales in foreign currency, the amounts must be converted to Singapore dollars for GST reporting purposes. Further, any exchange gains or losses from foreign currency transactions must be rep…

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