Singapore Unveils Tax Treatment Of Virtual Currencies

Law360, New York (January 27, 2014, 3:35 PM EST) -- Singapore’s taxing authority will treat digital currencies such as Bitcoin as a bartering product, the government announced on Monday.

Every time digital currencies are part of a transaction that falls under Singapore law, the county’s goods and services tax applies to registered businesses, the Inland Revenue Authority of Singapore said. Companies that accept virtual currencies as payment for goods or services should pay income tax on the open market value of the good or service in Singapore dollars.

If the open market value of the goods or...
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