New tax rules irk SGX Locals

Singapore Exchange (SGX) Locals who are actively trading non-SGX contracts have expressed frustration at new tax rules that will curtail their offshore activities. The exchange has deemed that Locals must have at least 70% of their trading volume during regular hours - 7.30am to 7.30pm Singapore time - in SGX derivatives contracts in order to keep their 10% preferential tax rates.

However, SGX President Ang Swee Tian told FO Week that the ratios will be assessed on a quarterly rather than monthly...