Tagged with 'tax'

Singapore to Exempt Bitcoin from Tax

Global development and growth in the use of cryptocurrencies have caused tax jurisdictions to review their GST position on cryptocurrencies transactions.

Several countries, such as Japan and Switzerland, are already taking action to boost the growth of their crypto industry.

Most recently, the Inland Revenue Authority of Singapore (IRAS), acknowledging the importance and growth of crypto assets, proposed legislation to exempt cryptocurrencies from the Goods and Services Tax.
The new tax treatment would take effect on January 1, 2020.

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