Income Tax Treatment of Digital Tokens

27 Apr 2020 LegisWatch

On 17 April 2020, the Inland Revenue Authority of Singapore (“IRAS”) published an e-Tax Guide titled “Income Tax Treatment of Digital Tokens”. The e-Tax Guide provides guidance on the income tax treatment of transactions involving digital tokens, including the issuance of digital tokens through an Initial Coin Offering (“ICO”). This publication by the IRAS is especially relevant to taxpayers operating in the ICO eco-system and provides significant clarity on many of the income tax issues faced by such taxpayers.

This update summarises the salient points of the administrative guidance provided by IRAS.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the partner at WongPartnership whom you normally work with or the following:

TAN Kay Kheng
Head – Tax
d +65 6416 8102
Click here to view Kay Kheng's CV.

TAN Shao Tong
Partner – Tax
d +65 6416 8186
Click here to view Shao Tong's CV.

GOH Ziluo
Associate – Tax
d +65 6416 8189