Topic: [2014-01-08] Singapore revenue authority recognizes and taxes Bitcoin (Read 722 times)
February 10, 2014, 08:39:13 AM
As usual, this kculshare article was plagiarized from: http://bitcoinexaminer.org/singapore-revenue-authority-recognizes-and-taxes-bitcoin/
February 10, 2014, 04:57:04 AM
If I am not mistaken, the GST in Singapore is 7%. It is a bit high, but not as insanely high as it is in Norway.
February 10, 2014, 04:47:26 AM
Quote
In other case, if a company is buying and selling Bitcoin directly to customers, like exchanges do, the tax applies to the full amount received and also to the commission fees. Nevertheless, this rule is only mandatory for the businesses registered in Singapore.
Surely this rules out any Bitcoin exchange operating within Singapore?Not many exchanges buy or sell bitcoins directly to customers.
February 10, 2014, 03:35:24 AM
Great news from singapore nonetheless, at least they have recognized it as a "good"
This is also very good
Norway I believe also considers it a "commodity" (aka a 'good'), however it is not a good or a commodity.
this isn't good at all, in fact it's a great way to destroy the cryptocurrency economy before it gets firm footing.
This is also very good
Quote
Norway I believe also considers it a "commodity" (aka a 'good'), however it is not a good or a commodity.
this isn't good at all, in fact it's a great way to destroy the cryptocurrency economy before it gets firm footing.
January 08, 2014, 06:29:33 PM
Great news from singapore nonetheless, at least they have recognized it as a "good"
This is also very good
This is also very good
Quote
On the other hand, if the bitcoins are part of the company’s investment portfolio acquired for long term investment purposes, the gains from the sales will be capital in nature and thus not taxable for the company.
January 08, 2014, 05:44:30 PM
Quote
In other case, if a company is buying and selling Bitcoin directly to customers, like exchanges do, the tax applies to the full amount received and also to the commission fees. Nevertheless, this rule is only mandatory for the businesses registered in Singapore.
Surely this rules out any Bitcoin exchange operating within Singapore? 
January 08, 2014, 03:53:11 PM
I think once the economic benefits start becoming known, there's going to be even more of a "prisoner's dilemma" going on between countries who do restrict Bitcoin, and those who do not.
The temptation will be for encouraging more Bitcoin adoption, I think.
The temptation will be for encouraging more Bitcoin adoption, I think.
January 08, 2014, 01:28:23 PM
Singapore revenue authority recognizes and taxes Bitcoin http://kculshare.com/2014/01/singapore-revenue-authority-recognizes-and-taxes-bitcoin
So Singapore is the most friendly in terms of adoption of BTC after all in Asia!
So Singapore is the most friendly in terms of adoption of BTC after all in Asia!
Jump to: