Means casinos and are gaming sites soon will fall due to these regulations, and other business will start to get taxed cause bitcoin they decided they can call bitcoin a product, but we call it virtual currency.
Here is link
http://venturebeat.com/2014/01/10/singapore-clarifies-tax-on-bitcoin-exchanges-and-sales/Short-sighted and kneejerk policy, without giving much thought to what Bitcoin/Litecoin actually are and how they will be used 2, 5 or 10 years from now. Doesn't address income from mining at all, causes people to potentially be taxed multiple times on the same money...it's inelegant and poorly thought-out, done with the the clear desire to avoid acknowledging Bitcoin/Litecoin as currency.
"Legal tender" is such a smokescreen. Anyone can use anything to pay for goods and services, if the vendor of said goods and services decides to accept it as payment. The writing is on the wall, and they know it...the world is losing its taste for government-issued fiat and central bank mismanagement and abuse.