Singapore legislation
Regulation 7
Regulation 7
Conversion of amount into Singapore dollars
Subregulation 1
This regulation applies where, in order to ascertain an amount of MTT or DTT payable by a chargeable entity for a financial year, an amount of top‑up tax for the financial year for a relevant entity of the chargeable entity in the presentation currency (not being Singapore dollars) has to be converted into Singapore dollars pursuant to section 9(9).
Subregulation 2
The amount is to be converted into Singapore dollars using —
the average rate of exchange, as made available by the Monetary Authority of Singapore, calculated on the basis of the rate of exchange at the end of each month for that financial year; or
where no such average rate of exchange is made available by the Monetary Authority of Singapore, such rate of exchange as the Comptroller may determine.