Singapore Proposes to End GST Taxation on Cryptocurrencies
The Singaporean government’s taxation agency is proposing to exempt its goods and services tax (GST) on cryptocurrency transactions that function or are aimed to function as a medium of exchange.
The Inland Revenue Authority of Singapore (IRAS) published last Friday an e-Tax draft guide for treatment on what it calls the “Digital Payment Tokens,” seeking to exempt the GST liabilities for any entity dealing with such digital assets.