Singapore Clarifies Taxation Policy On Bitcoins

The Singapore tax authorities have issued clarifications regarding the treatment of transactions in Bitcoins, the virtual currency. The Inland Revenue Authority of Singapore responded to Coin Republic’s requests to clarify the tax treatment of the purchase and sale of Bitcoins, and in the words of David Moskowitz, Coin Republic’s founder, “the guidance which IRAS laid out is rational and well thought out.” Singapore’s initiative to clear the air on this issue is one of the first of its kind in the world. Take note, however, that the guidelines merely view the virtual currency as just another product, or investment, changing…