{"id":1244,"date":"2019-07-05T17:30:21","date_gmt":"2019-07-05T09:30:21","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1244"},"modified":"2020-01-16T17:41:34","modified_gmt":"2020-01-16T09:41:34","slug":"iras-e-tax-guide-draft-gst-digital-payment-tokens","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/07\/05\/iras-e-tax-guide-draft-gst-digital-payment-tokens\/","title":{"rendered":"IRAS e-Tax Guide (Draft) GST: Digital Payment Tokens"},"content":{"rendered":"\n<p>On or about 5 July 2019, the Inland Revenue Authority of  Singapore (IRAS) is inviting public feedback on the draft IRAS GST:  Digital Payment Tokens e-Tax Guide.<\/p>\n\n\n\n<p>This  draft  guide  explains  the  GST  treatment  for transactions involving virtual currencies\/cryptocurrencies that function or are intended to function as medium of exchange (referred to as digital payment tokens). <\/p>\n\n\n\n<p>Under the current rules, the supply of digital payment tokens is treated as a taxable supply of services. Therefore,  the  sale,  issue  or  transfer  of  such  tokens  for consideration by a GST-registered business is subject to GST. When the tokens are used as payment for the purchase of goods or services, a barter trade resulting in two separate supplies arises \u2014 a taxable supply of the tokens and a supply of the goods or services.<\/p>\n\n\n\n<p>From 1 January 2020, supplies of digital payment tokens will no longer be subject to GST.  Specifically: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The use of digital payment tokens as payment for goods or services will  not give rise to a taxable supply of the tokens and a supply of the  goods or services, and<\/li><li>The exchange of digital payment tokens for fiat currency or other digital payment tokens will be exempt from GST.<\/li><\/ul>\n\n\n\n<p>The IRAS is seeking feedback on this change of GST treatment, from  businesses dealing in digital payment tokens. The consultation period is from 5 July 2019 to 26 July 2019.<\/p>\n\n\n\n<p>For further information, please visit the IRAS website.<\/p>\n\n\n\n<p>Source: IRAS website, 5 July 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 5 July 2019, the Inland Revenue Authority of Singapore (IRAS) is inviting public feedback on the draft IRAS GST: Digital Payment Tokens e-Tax Guide. This draft guide explains the GST treatment for transactions involving virtual currencies\/cryptocurrencies that function or are intended to function as medium of exchange (referred to as digital payment [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,6],"tags":[],"class_list":["post-1244","post","type-post","status-publish","format-standard","hentry","category-gst","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1244"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1244\/revisions"}],"predecessor-version":[{"id":1245,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1244\/revisions\/1245"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1244"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}