Interpreting Income Tax Treatment of Digital Tokens in Singapore
Digital tokens have evolved beyond being a virtual currency to one which carries out varied functions ranging from claiming ownership in livestock to participating in the affairs of a sports club.
With this evolution, the Inland Revenue Authority of Singapore has released guidelines on the income tax treatment of transactions involving digital tokens, which serve to provide greater certainty to taxpayers.
Find out some of the key takeaways laid out in the guide, in this article written by our Senior Tax Partner, Sivakumar Saravan and Associate Director of Tax, Liew Kin Meng, and published by the International Tax Review.