Is the interest on the Cash Account(s) tax exempted?
Yes. The Cash Account is essentially a trust account. Money received from the customer is deposited by iFAST Financial Pte Ltd into an accepted bank in Singapore. IFAST, in that sense, is a trustee and the customer is the beneficiary of the money in the Cash Account. Any interest given by the bank on these deposits, thus, belongs to the customer. Pursuant to Budget 2004, the interest should be fully exempt from income tax with effect from January 2005.
