What are the tax implications of trading bitcoin in Singapore?

1 answers

• May 07, 2022 · 3 years ago
  When it comes to trading bitcoin in Singapore, it is important to understand the tax implications. The Inland Revenue Authority of Singapore (IRAS) treats bitcoin as a form of goods, which means that any gains from trading bitcoin are subject to tax. If you are trading bitcoin as a hobby, the gains will be considered as capital gains and will be taxed accordingly. However, if you are trading bitcoin as a business, the gains will be considered as income and will be taxed at the applicable income tax rates. It is crucial to keep proper records of your bitcoin transactions and report them accurately to the IRAS to ensure compliance with the tax laws.
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