Singapore government proposes to exempt GST tax on cryptocurrencies

The government of Singapore is planning to end goods and services tax (GST) on cryptocurrencies that function or are intended to function as a medium of exchange.

The Inland Revenue Authority of Singapore (IRAS) published draft GST guidelines on Friday, stating that the supply of “digital payment tokens” in exchange for fiat currency or other digital payment tokens will be exempt from GST. Therefore, the supply of such tokens, being an exempt supply, “will not contribute to your annual taxable turnover for the determination of your liability for GST registration.”

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