Forum
Last updated: 

The Singaporean government’s taxation agency proposing to remove goods and services tax (GST) from cryptocurrency transactions, what does the average bitcoin user stand to gain?

I missed the last bitcoin rush and profiting so I am determined not to miss any more opportunities to make money with bitcoins. Recently the Inland Revenue Authority of Singapore (IRAS) published e-Tax draft guide for treatment on what it calls the Digital Payment Tokens, which seeks to exempt any entity dealing with such digital assets from GST liabilities. Does it mean all transactions are tax free across board?

User comments

  • user image

    No Name

    Essentially, if the draft guide passes into legislation, starting from Jan. 1, 2020, it is expected that the some changes will take effect to enhance the dynamics of digital payment tokens. To start with, the use of digital payment tokens as payment for goods or services will not give rise to a supply of those tokens as opposed to now when a barter trade results in two separate supplies, a taxable supply of the tokens and a supply of the goods or services. Being that supply of digital payment tokens is currently seen as a taxable supply of services. In any case, the exchange of digital payment tokens for fiat currency or other digital payment tokens will be exempt from GST. So within this fine lines may lie the opportunity to make money trading and transacting with digital payment tokens like Bitcoin, Ethereum, Litecoin, Dash, Monero, Ripple and Zcash. But I encourage you to do more research please.

    2019.08.01 18:0

Please leave your knowledge and opinion!

Related Forums

Why did the MOM decide to change the money lending laws for foreigners?

What are investments in Singapore that would provide guaranteed principal and returns?

How should I invest on my medical supplements using a credit card?

Who are the foreigner that would affected by the changes in the laws of borrowing money?

What is the cheapest sim only plan in Singapore that provides data, calls and SMS?

How much can foreigners borrow under the amendments to the Moneylenders Act?

Related Reviews

OCBC Frank Card offers young adults a great, no-fee way to earn cashback from social and online spend

OCBC Frank Card stands out for its low minimum spend requirement and annual fee waiver however, it’s not a great match for consumers seeking everyday cashback. Online spend on utilities, recurring bills, and school and hospital payments are all not eligible for rebate. Dining, groceries, and other categories are also not rewarded. Ultimately, OCBC Frank Card offers young adults a great, no-fee way to earn cashback from social and online spend. OCBC Frank Card is definitely worth consideration.

FRANK Credit Card / Oversea-Chinese Banking Corporation

American Express Personal Card membership rewards points do not expire

First of all, unlike other loyalty programmes, the American Express Personal Card membership rewards points do not expire. Furthermore, with no restriction on the number of points you can stand to accumulate, you just need to choose the reward you want and you'll have time to get it, pretty much the skies can be your limit as you can use the points the way you want from redeeming shopping, travel and entertainment rewards to offsetting purchases made on your Card.

American Express Personal Card / American Express International

I can enjoy Interest rates starting from 5.80% p.a.

I love that I can enjoy Interest rates starting from 5.80% p.a. (EIR 11.38% p.a.) on their 12-month instalment plan which allows for fixed monthly repayments.The monthly repayment for your Cash-on-Instalments is fixed, allowing you to manage your finances with ease of mind. That works perfect for me as it helps me to be more organized and I give them thumbs up.

NTUC Plus! Visa Credit Card / Oversea-Chinese Banking Corporation

This card gives me $80 cash rebates every month.

I fancy the OCBC 365 credit because it has cash rebate of $80, but only after you full fill their criteria. They require a minimum spending of $800 per month which in turn earns interest from different spending. This card suits me just fine being that I have broad spending habit and in the process it gives me $80 cash rebates every month. My only dislike is the rebate on the general spending which is 0.3%.

OCBC 365 Credit Card / Oversea-Chinese Banking Corporation

Fantastic Rewards

A 5% cash rebate on fuel purchases and a 16% instant discount is a great deal for me I must say, the HSBC VISA Platinum Credit Card indeed makes driving more fun for me as i always look forward to the 16% instant discount plus 5% cash rebate on all fuel spend at Caltex and Shell stations

HSBC VISA Platinum Credit Card

Consumers earn 2.4 miles per S$1 spend overseas and 1.2 miles on general local spend

OCBC Voyage Card is perfect for well-off consumers with a shifting travel schedule, who want to earn high miles locally and overseas. Consumers earn 2.4 miles per S$1 spend overseas and 1.2 miles on general local spend, which aligns with similar cards. Consumers are most likely to benefit from OCBC voyage card if they spend most of their budget locally, with at least 25% of local spend on dining.

OCBC VOYAGE Card / Oversea-Chinese Banking Corporation