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.”

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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

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