After consulting the Inland Revenue Authority of Singapore, we are pleased to inform that the provision of CFDs to our local clients qualifies as Exempt Supply under the GST Act.
As of 14th March 2022, the 7% GST charge will NOT be applicable to CFD commissions for all local clients.There will be no adjustments to reimburse any GST incurred for past transactions. Do note that GST will still be applicable for other services such as retrieval of statements.