Singapore Exempts Digital Currencies From Goods & Services Tax

Singapore will exempt the supply of digital payment tokens from goods and services tax when they are used as a means of payment, Second Minister for Finance and Minister for National Development Lawrence Wong said in Parliament Nov. 4.

• The country will also exempt the loan of digital payment tokens.
• “GST is chargeable only on the supply of goods and services, and not on the digital payment token itself.”
• Proposed treatment is similar to GST rules for digital payment tokens in Australia, EU, Switzerland, and Japan.

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