Singapore Introduces Income Tax Guidelines for Cryptocurrency Businesses
The Inland Revenue Authority of Singapore (IRAS) recently disclosed their plans to generate tax revenues from businesses involving cryptocurrencies. The official tax authority published a document a week ago that neatly described the amalgamation of cryptocurrencies, like Bitcoin, into the existing income tax policies. At first, the IRAS excused virtual currencies to be brought under the category of 'money', 'currency', or 'goods'. But now, instead, the new income tax law referred to cryptocurrencies as 'services', making then vulnerable to existing Goods and Services Tax (GST) taxes. For....
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The Australian Tax Office (ATO) today released its long-awaited guidelines on how bitcoin businesses and individual users will be taxed in Australia. The guidelines are similar in nature to those issued by Singapore in January, which received a mixed response from the bitcoin community. In summary, bitcoins will not be regarded as 'money', and will be taxed in a similar way to other non-cash or barter transactions. As in Singapore, this raises the specter of double-taxation for some bitcoin transactions. Likely to be impacted most are businesses who have been transacting in bitcoin and....
Bitcoin businesses in Singapore now have a new group to promote their cause, with the formation of the Association of Crypto-Currency Enterprises and Start-ups, Singapore (ACCESS) on 30th May. ACCESS, which launched publicly just yesterday, represents various businesses within the Singapore bitcoin and other cryptocurrency ecosystem, including exchanges, merchant transaction services, vending machines and miners. As a condition of membership, members must abide by a Code of Conduct. Mission and objectives. The Association's Mission is "To facilitate legitimate use of cryptocurrencies in....
Cryptocurrency ATMs have closed down in Singapore following the guidelines issued by the central bank, the Monetary Authority of Singapore (MAS). “To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS,” said one crypto ATM operator. Crypto ATMs Shut Down in Singapore to Comply With the Central Bank’s Guidelines Cryptocurrency ATMs are closing down in Singapore to comply with new regulations published Monday by the central bank, the Monetary Authority of Singapore (MAS).....
Revolut has launched a cryptocurrency service in Singapore. Many firms have depicted unwavering belief in the market despite the downturn. Singapore recently has been lacking clarity in terms of the restrictions that are supposed to be imposed in the crypto industry. Some companies have been severely affected during the bloodbath, however, some have continued to […]
A one-month old circular from Swedish Tax Authority Skatteverket on how to declare income from Bitcoin mining business was emerged recently. The circular was originally released on April 24th 2015, right before the May 4th tax filling deadline, but went highly unnoticed. It was only when the US Library of Congress intervened, and published a reworded document of the circular on its website, the new Swedish law came to light. And as it looks, Skatteverket deeply understood the complexities of a Bitcoin mining business before it penned down the income tax guidelines for it. It has....