IRAS Releases e-Tax Guide for Income Tax Treatment of Digital Tokens
22 April 2020 — IRAS Releases e-Tax Guide for Income Tax Treatment of Digital Tokens – Singapore is emerging as the cryptohub in Asia with its convivial attitude towards technologies such as cryptocurrencies and blockchain.
With the Monetary Authority of Singapore taking quite a few positive steps towards these technologies in recent years, followed by the Inland Revenue Authority of Singapore (IRAS) releasing its new tax guidelines for consumers, businesses, and firms conducting ICO/STOs earlier this month, such legislations will bring about added clarity for the market to continue its FinTech journey and realise its economic benefit eventually.
Only a handful of countries do not impose a capital gains tax, and one of such is Singapore. Under the new regulations, digital securities (security tokens) fall under the current securities legislation. Although no big surprise here but good news still that digital securities issuers pay no capital gains tax although its earnings are taxable when classified as a revenue asset.
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