New and finalised version of the GST e-tax guide on digital payment tokens
The IRAS has released the final version of the e-tax guide on Digital Payment Tokens on 19 November 2019.
One key takeaway is that you should always report the value of exempt supplies based on the net realised gains/losses when you exchange your cryptocurrency with fiat or other cryptocurrency and not based on the proceeds received.
As the exchange of cryptocurrency with a local person is an exempt supply (non-regulation 33 exempt supplies), the lower the value of exempt supply (based on realised gains/losses), the better it is for the purpose of calculating your input tax recovery.
A must read for companies who issue or trade in crypto currency, vouchers, loyalties points etc.
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