Singapore government to tax some bitcoin transactions
The government’s stance towards the volatile cryptocurrency, which once again soared above $1,000 in price, echoes countries like Germany, Norway, and the United Kingdom, all of which deemed Bitcoin taxable.
In a series of emails sent to Singapore-based Bitcoin brokering service Coin Republic, which sought clarifications on the government’s position towards bitcoin taxation, IRAS laid out exactly which kind of transactions are subjected to taxes.
Companies that buy or sell bitcoins will have to declare taxes based on gains from their sale of the currency. However, if the company invests in Bitcoin for the long-term, all gains will be capital in nature and therefore not taxable. Singapore currently has no capital gains tax.
Read More: sg.finance.yahoo.com/news/singapore-government-tax-bitcoin-transactions-091234876.html