CNA Perspectives: Virtual Currencies and Taxation Channel News Asia, Friday Dec 4, 8:00 PM
Bitcoin, the most popular digital currency, is often dubbed the future of currency. The belief that credible currencies have to be issued and regulated by central monetary authorities has always been assumed to be an incontrovertible truth, but this has been brazenly challenged by the evolution of digital currencies.
Is there any GST or additional tax that will be charged to the person buying/selling bitcoins on a local exchange?
I'm not 100% sure, but from the guidance it seems that if you are a GST registered person (i.e. company?), then the BTC you sell in Singapore, be it through and exchange or in person, is GST taxable on the full amount (BTC value + commission).
Proper local exchanges will only be charged GST on their commission.
There's the Hwz thread you may have come across. It just happens that just now all 3 sites I went to were not fully functional for a while.
Will be great if Coinbase expands to Singapore
Unfortunately, the direct buy/sell model that Coinbase uses will result in them having to collect GST based on the recently released taxation guidance from IRAS.
The GST treatment of the supply of bitcoins will depend on whether the company is acting as an agent or principal in the transaction. If the company merely facilitates and is acting as an agent in the bitcoin trade (eg: bitcoin exchange transfers bitcoins directly to a customers wallet), then GST is chargeable only on the commission fees received. However if the company is acting as a principal in the bitcoin trade (eg: it buys and onward-sells bitcoins to the customer), GST is chargeable on the full amount received, ie: the sale of bitcoins and commission fees.
Fybsg is now accessible. These outages appear to have occurred previously if you check other forums.
I've used FYBSG everyday for the past 2 weeks or so without any problems. Care to share these other forums that report they were down? Perhaps the users made the mistake of trying to connect to http://www.fybsg.com/ which wouldn't work. The site needs https.
Coinsupermart never heard of it, and its now under maintanence? Itbit have suspicious activities in their order books, and its also currently offline.
Guys, seriously we need ONE rock solid exchange in Singapore if we want Bitcoin to be adopted in the country.
I have been using both https://www.fybsg.com and https://www.itbit.com and am currently logged in without any problems. Did you just sign up for a new account here to slander them? Post evidence if otherwise.
BTC-E -4 % IS NOT BAD , I JUST A SMALL EXCHANGER AND THE PRICE IS ALWAYS CHANGE , RIGHT ? SOME BIG EXCHANGER CAN NOT OFFER BETTER THAN ME !
In Singapore, we can easily sell on local exchanges for between bitstamp to bitstamp + 5% prices, or even more through localbitcoins. Nobody here will sell their BTC to you for btc-e -4%. Give up.
As soon as coinbase lets me, I'll be selling again. Right now I hit there 10btc weekly limit. Working on getting money into more exchanges to help with liquidity.
There is going to be a ton of computing power that will go online in the next 90 days. I highly suspect the next jump will be by March to around $1200 to $1500.
I don't think hashing power is correlated to the increase in price.
