Quote from: sauteedcat on January 29, 2014, 01:11:59 PM

Quote from: sgbitcoinsg on January 29, 2014, 01:00:57 PM

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.

Relevant paragraph from http://www.coindesk.com/singapore-government-how-we-intend-tax-bitcoin/

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.

Is there any GST or additional tax that will be charged to the person buying/selling bitcoins on a local exchange?

sgbitcoinsg

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