Singapore recognizes the Bitcoin well as taxable

Singapore recognizes the Bitcoin well as taxable


The Singapore-registered companies to make buy and sell bitcoins , digital currency or exchanged for other goods or services, must pay tax on these transactions. So said the IRAS ( the local tax authority ) .
The government's position echoes that of countries like Germany, Norway and the United Kingdom, which had already qualified as the Bitcoin becomes taxable .
The IRAS explained exactly what types of transactions are subject to charges . Companies that buy or sell bitcoins must state income taxes devenidas such activity. However, if the company invests in Bitcoin in the long term , all winnings will be classified as capital and therefore not subject to tax (Singapore does not tax capital gains ) .
The Bitcoin is considered a right, not a currency

Regarding the tax on goods and services, set at 7 % , the IRAS says the sale or exchange of bitcoins " for money or is a transaction subject to tax ."
In cases where they are accepted as payment for goods or services , transactions will be treated as barter exchanges , because the Bitcoin is not regarded by the government as currency . As such , the tax on goods and services ( GST) for both bitcoins apply to goods and services exchanged .
Finally , the rate of GST that taxes depend on whether firms act as " agent" or "principal" in the transaction. If the company is traded on bitcoins on behalf of third parties - which is the case for trade in bitcoins transferring the coin purse of a customer - then the GST would be payable only on trading commissions.
David Moskowitz , founder of Coin Republic , has described the position of the IRAS as " rational and thoughtful ." He added:
" As a business owner , I can clearly count my winnings in Bitcoin , both for my own positions as for transactions with clients , and pay taxes.


source :

http://elbitcoin.org/singapur-reconoce-al-bitcoin-como-un-bien-gravable/