December 20th, 2017

Tax Treatment of Virtual Currencies in Singapore

While somewhat more forward thinking than accounting standard setters, IRAS has already come up with a circular on how virtual currencies will be taxed in Singapore.
Read more about it here.
As we ponder over how proceeds from an ICO should be accounted for, we know now that if it is treated as revenue, there's a possibility it will be taxed at the virtual currency exchange rate. No big surprises there .