What are the reporting requirements for cryptocurrency trading taxes in Singapore?

1 answers

• Dec 30, 2021 · 3 years ago
  As an expert in the cryptocurrency trading industry, I can tell you that reporting requirements for cryptocurrency trading taxes in Singapore are crucial to ensure compliance with the tax regulations. The IRAS treats cryptocurrency as a taxable asset, and any gains from trading are subject to tax. It's important to keep detailed records of your trades, including the date, time, and value of each transaction. You should also calculate the gains or losses for each trade accurately. To ensure compliance, it's recommended to consult with a tax professional who can guide you through the reporting process and help you understand the specific requirements set by the IRAS.
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