What are the tax implications of using SGD money to trade cryptocurrencies?

1 answers

• Dec 28, 2021 · 3 years ago
  As an expert in the field, I can tell you that using SGD money to trade cryptocurrencies in Singapore can have tax implications. The Inland Revenue Authority of Singapore (IRAS) treats cryptocurrencies as properties, not currencies. This means that any gains from cryptocurrency trading are subject to tax. The tax rate depends on your individual tax bracket. If you hold the cryptocurrencies for less than 3 years, the gains will be treated as ordinary income and taxed accordingly. However, if you hold them for more than 3 years, the gains will be considered as capital gains and taxed at a lower rate. It's important to note that losses incurred from cryptocurrency trading can be offset against your taxable income, which can help reduce your overall tax liability. Make sure to keep accurate records of your transactions and consult with a tax professional to ensure compliance with the tax laws in Singapore.
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