Singapore Tax Agency Issues GST e-Tax Guide, FAQs on Supply of Digital Payment Tokens

The Singaporean Inland Revenue Authority Nov. 19 issued a GST e-tax guide and FAQs on the supply of digital payment tokens and digital currencies. Topics covered include: 1) the GST nontaxation of the use of digital tokens as payment for goods or services; 2) an exemption from GST for exchanging qualifying digital tokens; 3) GST obligations for digital currencies that don’t qualify as digital payment tokens; 4) characteristics and qualifications for transactions allowing for the nontaxable use of payment tokens; 5) rules for apportioning input tax and reverse charge for taxable and exempt token supplies; and 6) applicable definitions and ...