Singapore Government: This is How We Intend to Tax Bitcoin
Singapore has given guidance on how it intends to tax bitcoin transactions for businesses and merchants, becoming one of the first governments in the world to do so. Singapore-based bitcoin brokerage Coin Republic received an official response to its requests to the Inland Revenue Authority of Singapore (IRAS) for clarification on how to handle capital gains, earnings, and even GST (aka VAT, or sales tax) on bitcoin exchanges and bitcoin related sales. Coin Republic provided the IRAS with a number of detailed scenarios to match its business activities, and asked the authority to review the....
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