Singapore ESOP and Share Award Gains: Which Exchange Rate Goes on Appendix 8B

A Singapore employee of a US-listed group receives share awards priced in US dollars. The employer reports the gain to IRAS on Appendix 8B in Singapore dollars. The explanatory notes to the form say which day's exchange rate to use for each kind of plan.

The date that sets the rate

IRAS requires the share or stock option price in foreign currency to be converted to Singapore dollars when Appendix 8B is completed, at the actual exchange rate on a date that depends on the plan:

Restricted stock units are share awards with a vesting condition, so the vesting date is the one that matters for a typical RSU plan.

When the actual rate is not available

Where the actual exchange rate on that date is not available, IRAS accepts the rate from any one of these sources:

• the company's in-house exchange rate,
• local banks,
• locally circulated newspapers, or
• reputable news agencies.

Three conditions apply. The company uses the same source for all employees, applies the same source for all years, and has told all employees which exchange rates it will use.

Two differences from the GST rules are worth noting. The Appendix 8B list does not name the Monetary Authority of Singapore, and an in-house rate is acceptable here without a separate approval.

A worked example

An employee has 400 restricted stock units vest on 30 September 2026, when the share closes at US$150.

1. Gain in US dollars: 400 x 150 = US$60,000 (nothing was paid for the shares).
2. Rate date: the vesting date, 30 September 2026.
3. At a rate of S$1.2780 to the US dollar, the gain reported is S$76,680.

S$1.2780 is the MAS rate for that date, used here to illustrate the arithmetic. Under the Appendix 8B notes the employer's own documented source decides the figure.

Getting a rate for a vesting date

Payroll teams usually handle several vesting dates a year across many employees, so a dated lookup is more reliable than reading a chart. The API returns the official MAS table for any date and the live market rate:

# the MAS table for a vesting date
curl "https://allratestoday.com/api/v1/central-bank/mas/2026-09-30" \
  -H "Authorization: Bearer YOUR_API_KEY"

# live mid-market USD/SGD, refreshed every 60 seconds
curl "https://allratestoday.com/api/v1/rates?source=USD&target=SGD" \
  -H "Authorization: Bearer YOUR_API_KEY"

Dated tables are on paid plans; the live rate needs a free API key. Whichever source you choose, record it once in the plan documentation and apply it to every employee and every year, as the notes require.

A checklist for employers

1. Identify the plan type and whether a vesting condition or selling restriction applies.
2. Fix the rate date from the table above.
3. Choose one exchange rate source and write it down.
4. Tell employees which source is used.
5. Keep the rate and its date with each Appendix 8B line.

This guide covers gains reported on Appendix 8B. It does not cover ordinary salary or bonus paid in a foreign currency, for which the IRAS notes read here state no conversion rule.

This guide describes the rules as IRAS, Singapore Customs and MAS publish them, read on 11 November 2026. It is not tax advice; confirm the treatment for your facts with your tax agent.

FAQ

Which exchange rate is used for share awards on Appendix 8B?

The actual exchange rate on the date of vesting for awards with a vesting condition, the date of grant for awards without one, or the date the moratorium is lifted where there is a selling restriction.

Which exchange rate is used for stock options?

The actual exchange rate on the date the employee exercised the option, or the date the moratorium is lifted if there is a selling restriction.

Can an employer use its in-house exchange rate?

Yes, where the actual rate is not available. IRAS accepts a company's in-house rate, local banks, locally circulated newspapers or reputable news agencies, if the same source is used for all employees and all years and has been communicated to employees.

Does IRAS require the MAS rate for Appendix 8B?

The Appendix 8B notes do not name MAS. They list the company's in-house rate, local banks, locally circulated newspapers and reputable news agencies.