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 Cryptocurrency Tax Singapore

A snapshot of the Crypto Tax Rules in Singapore!

Disclaimer: Tax Rules are highly dependent on the facts and circumstance of each case. The simplified presentation below is for the most common scenarios, please do not rely on it without consulting a professional.

 The Inland Revenue Authority of Singapore (IRAS) classifies digital tokens into the follow Three categories 

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Digital Payment Token

ICO (Issuance):

Proceeds Taxable

Buying: Non-Taxable

Selling: Capital (Non-taxable) vs Trading (Taxable)

Use to exchange for Goods and Services: Deductible if it is a qualifying business expense

 

GST applicable? No, for most circumstances 

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Utility Token

ICO (Issuance): Proceeds Taxable when Good/Service is delivered

 

Buying: Non-Taxable

 

Selling: Capital (Non-taxable) vs Trading (Taxable)

 

Use to exchange for Goods and Services: Deductible if it is a qualifying business expense

 

GST applicable? Yes

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Security Token

ICO (Issuance): Proceeds Non-Taxable

 

Buying: Non-Taxable

 

Selling: Capital (Non-taxable) vs Trading (Taxable)

 

Use to exchange for Goods and Services: Deductible if it is a qualifying business expense

 

GST applicable? No

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