What are the tax implications of trading cryptocurrencies in Singapore?

1 answers

• May 08, 2022 · 3 years ago
  When it comes to the tax implications of trading cryptocurrencies in Singapore, it's important to understand the regulations set by the government. The Inland Revenue Authority of Singapore (IRAS) treats cryptocurrencies as properties, which means that any gains from trading them are subject to capital gains tax. The tax rate depends on the holding period of the cryptocurrencies. If you hold them for less than three years, the gains will be taxed at your marginal tax rate. However, if you hold them for more than three years, the gains will be taxed at a reduced rate. It's advisable to consult with a tax professional or seek guidance from the IRAS to ensure compliance with the tax regulations and avoid any potential issues.
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