Your exchange gains and losses, ready for your tax agent
When you invoice, pay or bank in foreign currencies, your profit and loss carries exchange gains and losses. For tax, IRAS treats some of them as revenue (taxable or deductible) and some as capital. The Foreign exchange tax schedule breaks your exchange differences down the way the IRAS e-Tax guide on foreign exchange gains or losses (paragraph 8) sets out, so your tax agent can use it in your tax computation.
Opening the Schedule
- 1 Go to Finance → Reports.
- 2 Under Tax, click Foreign exchange tax schedule.
- 3 Choose the basis period: enter the start and end dates and click Apply, or click Last financial year or This financial year.
Reading the Rows
Each row shows the gain, the (loss) and the net, the treatment applied (revenue or capital), and how much is realised and unrealised:
- Trade transactions, trade receivables and trade payables, split into Settled in the year (realised) and Open receivables / payables at the closing rate (unrealised). Both are revenue.
- Designated foreign currency bank account, Fixed deposit and Bank balances.
- Loan to related party, Non-trade receivables and Non-trade payables.
- Others.
An empty row shows a dash.
The Three Totals
- Total per profit & loss account (SGD): all exchange differences in your profit and loss for the period.
- Capital exchange differences (adjust in the tax computation): the part your tax agent adjusts in your tax computation.
- Revenue exchange differences (taxable / deductible under section 34AB).
De-minimis Monitor for Designated Accounts
A designated foreign currency bank account keeps revenue treatment while its capital transactions in the basis period stay within IRAS's limits: at most 12 transactions and at most S$500,000. The monitor counts them for you. Transfers, loans and fixed asset purchases or sales are marked capital automatically; income tax payments, dividends and shareholder movements are the ones you mark.
If you have no designated account, the schedule says so: every foreign account's revaluation is then treated as capital.
Downloading the Schedule
Click Download Excel or Download PDF. The file is named for the period, for example "Foreign exchange tax schedule 2026-01-01 to 2026-12-31", and shows the same figures as the screen. In Excel, losses are negative numbers.
Frequently Asked Questions
It opens on your last financial year. Your financial year end is set under Admin → Company → Financial Year.
Open receivables and payables are valued at the closing rate of the period end, from your company's rate source. You can pin a closing rate under Admin → Company → Foreign Exchange.
What's Next?
- Understanding Financial Reports for all reports in Officaid
- Exchange Rates to choose your rate source and pin closing rates
- Understanding Multi-Currency in Officaid for multi-currency basics