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Singapore Aims to Tax Some Bitcoin Transactions

Avatar newsbtc 6 years ago

Bitcoin Small LogoWhile some world governments are taking a hands-off approach when it comes to bitcoin, others are getting their hands right in there and seeing potential for additional revenue.

News reports out indicate that the Singapore government is planning to tax a cut of some bitcoin transactions. Reportedly, companies registered in Singapore who exchange bitcoin for goods and services or buy/sell bitcoin are subject to being taxed, according to the Inland Revenue Authority of Singapore (IRAS) — the country’s tax authority.

On the other hand, companies who purchase bitcoin and hold for the long-term are not subject to taxation, as it would be considered capital gains — which the country does not currently tax.

Companies not registered in Singapore but doing business in the city-state will have their transactions in bitcoin considered as outside of Singapore’s borders, and therefore, not subject to taxation. (via TechInAsia)

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