The Inland Revenue Authority of Singapore (IRAS) has launched a new exchange rate search function tool in XLSX format to aid taxpayers in preparing their tax computations.
This tool simplifies the process of calculating average exchange rates for any year of assessment (YA) using data from the Monetary Authority of Singapore (MAS) website. It is designed to streamline tax preparation and ensure accurate computations.
Taxpayers can now use the tool to retrieve the average exchange rate and convert foreign currency amounts to SGD for YAs from 2020 onwards.
