Singapore launched the income tax criterion relates to enterprise encryption currency
February 2nd newsbtc News Singapore tax bureau (IRAS) recently announced plans to tax the enterprise related to encryption currency company.
A week before the official tax authorities issued a document skillfully describes fusion encryption currencies, such as bitcoin in income tax. At first, IRAS encrypted virtual currency is classified as “money”, “money” or goods. But now, instead, in the new income tax laws in a crypto currency called “service”, a tax on goods and services tax.
For example, the consumption tax registration in the Singapore business, using bitcoin or other encryption currency bitcoin trading goods and services need to pay the goods and services tax. However, the tax is not included in the operation of business outside of singapore.
Similarly, the registration of Singapore registered enterprises in the consumption tax, the sale of virtual currency profits also need to pay income tax. Of course, living in Singapore people outside the sale of bitcoin except the consumption tax registration in Singapore enterprises including companies and provide close monetary transactions, the import of the goods and services agency
Singapore bitcoin is still friendly:
That is to say innovation bitcoin and other encryption currency is no risk in singapore. The country has made it clear that not by ideology or political opposition bitcoin. Unless it is aimed at resolving the risks of money laundering and terrorist financing guidelines and rules.
At present, the tax reform could still stimulate low profit enterprises. We cannot deny that this is helpful to get the mainstream bitcoin in support of the country’s cognitive technology.. # International Maritime organization.