[2014-01-08] Singapore revenue authority recognizes and taxes Bitcoin

[AnhBen]

Singapore revenue authority recognizes and taxes Bitcoin http://kculshare.com/2014/01/singapore-revenue-authority-recognizes-and-taxes-bitcoin

So Singapore is the most friendly in terms of adoption of BTC after all in Asia!

[TraderTimm]

I think once the economic benefits start becoming known, there's going to be even more of a "prisoner's dilemma" going on between countries who do restrict Bitcoin, and those who do not.

The temptation will be for encouraging more Bitcoin adoption, I think.

[Scott J]

In other case, if a company is buying and selling Bitcoin directly to customers, like exchanges do, the tax applies to the full amount received and also to the commission fees. Nevertheless, this rule is only mandatory for the businesses registered in Singapore.

Surely this rules out any Bitcoin exchange operating within Singapore?

[e521]

Great news from singapore nonetheless, at least they have recognized it as a "good"

This is also very good

On the other hand, if the bitcoins are part of the company’s investment portfolio acquired for long term investment purposes, the gains from the sales will be capital in nature and thus not taxable for the company.

[Armis]

Great news from singapore nonetheless, at least they have recognized it as a "good"

This is also very good

Norway I believe also considers it a "commodity" (aka a 'good'), however it is not a good or a commodity. 

this isn't good at all, in fact it's a great way to destroy the cryptocurrency economy before it gets firm footing.

 

[rebuilder]

In other case, if a company is buying and selling Bitcoin directly to customers, like exchanges do, the tax applies to the full amount received and also to the commission fees. Nevertheless, this rule is only mandatory for the businesses registered in Singapore.

Surely this rules out any Bitcoin exchange operating within Singapore?

Not many exchanges buy or sell bitcoins directly to customers.

[bryant.coleman]

If I am not mistaken, the GST in Singapore is 7%. It is a bit high, but not as insanely high as it is in Norway.