Proposed Crypto Tax Cut in Singapore to Help Crypto Business: PwC Expert
Singapore’s plans to exempt certain digital currencies from the Goods and Services Tax (GST) would benefit cryptocurrency-related businesses, according to a partner in PwC Hong Kong’s corporate tax practice.
As reported by Hong Kong’s English language newspaper South China Morning Post on July 29, Gwenda Ho argued that the Singapore government’s proposal to drop the seven percent GST for cryptocurrencies when using them to pay for goods and services would have a positive impact on crypto exchanges, asset managers and blockchain entrepreneurs.