Singapore’s IRAS Issues Brand New Guidelines On Crypto-Related Goods And Services Tax Matters

By publishing these latest draft guidelines, the IRAS has made it explicitly clear that even though it has changed its stance towards GST, the regulatory body still does not endorse cryptocurrency investments in any shape or form.

  • Starting next year, Singaporeans will no longer be obliged to pay any GST on their cryptocurrency transactions/holdings.
  • With that being said, tokens issued on private blockchain networks, stablecoins or other such offerings have not been classified as crypto assets by the IRAS.

In what is being considered to be an extremely welcome move by many from within the global crypto community, the Inland Revenue Authority of Singapore (IRAS) recently issued an all new draft aimed at detailing the ‘conduct of goods and services tax (GST) towards cryptocurrency transactions’.

Additionally, it should also be pointed out that since the start of the year, more and more Singaporeans have been making use of various cryptocurrencies to facilitate their day to day monetary tx’s and payments. In this regard, the aforementioned draft guidelines have established clear transaction rules for a number of digital currencies such as Bitcoin, Ethereum, Litecoin, Dash, Monero, and Ripple (XRP).

As per the draft, crypto owners can now spend their digital assets just like cash (within Singapore) and will no longer have to pay any GST on their crypto holdings — w.e.f January 1, 2020.

A spokesperson for the IRAS recently revealed that the nation’s recent GST stance was taken so as to thrust Singapore into the heart of the global crypto market. Additionally, an insider claims that since the process of taxing crypto assets is quite difficult and cumbersome, the government thought it would be better to get rid of GST entirely.

On the subject of crypto taxation, the draft reads as follows:

“If you are receiving digital payment tokens in return for your supply of goods or services and you are GST-registered, you would have to account for output tax on your supply of goods or services.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Chart News

Today's Latest Crypto News

Latest Analytics Shows 64% Of Controversial Stablecoin USDt Supply Controlled by 119 Addresses

Tether’s stablecoin ‘USDT’ continues to dominate this segment of the crypto market according to the latest statistics. However, questions on its decentralization inadequacy has...

NYAG Responds To Bitfinex, Tether Calls The Case A ‘Highly Misleading Factual Presentation'

The New York Attorney General Office (NYAG) has responded to Bitfinex’s appeal to have the authority stop the ongoing investigations against them and Tether....

EU’s Upcoming AML Regulation Forces Bitcoin Payments App Bottle Pay to Shut Down

EU’s 5th anti-money laundering directive coming into effect on 10th January 2020 To not force this onto the community, Bottle Pay will cease...

Africa’s First Stablecoin is based on Nigerian Naira & Built on Binance Chain

The very first stablecoin of Africa is backed by Naira, the fiat currency of Nigeria and it will be built on Binance Chain, the...

Libra Whitepaper Gets Updated, Association Members Won't Get Paid On Reserve Asset Profits

The new whitepaper doesn’t use interest to pay early investors, which are predominantly involved in the Libra Association. The interest will still go...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.