Singapore to generate tax revenues for cryptocurrencies

The official tax authority published a document that described the amalgamation of cryptocurrencies, like Bitcoin, into the existing income tax policies. For instance, GST-registered businesses inside Singapore, which are involved in buying/selling goods or services using Bitcoin and other cryptocurrency, will be subjected to pay GST. Though, the tax will not be applicable on businesses operating outside the jurisdiction of Singapore.

Similarly, GST-registered businesses involved in selling/buying of virtual currencies will also be liable to pay income tax out of their profits. The tax will not be applicable if the sale is made to a person residing outside Singapore. GST-registered businesses include cryptocurrency exchanges, agents, and goods importers as well.