What are the reporting requirements for crypto traders in Singapore?

3 answers

• Dec 18, 2021 · 3 years ago
  As a crypto trader in Singapore, you are required to report your cryptocurrency transactions to the Inland Revenue Authority of Singapore (IRAS). The IRAS treats cryptocurrencies as taxable assets and expects traders to report their gains or losses from cryptocurrency trading in their annual income tax returns. It is important to keep accurate records of your transactions, including the date, time, amount, and value of each trade, as well as any associated fees. Failure to report your cryptocurrency transactions can result in penalties or legal consequences.
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• Dec 18, 2021 · 3 years ago
  Crypto traders in Singapore must comply with the reporting requirements set by the IRAS. These requirements include reporting gains or losses from cryptocurrency trading in their annual income tax returns. It is important to note that even if you are not a full-time trader and only engage in occasional trading, you are still required to report your transactions. The IRAS has guidelines on how to calculate the gains or losses from cryptocurrency trading, and it is advisable to seek professional advice or refer to the IRAS website for more information.
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• Dec 18, 2021 · 3 years ago
  According to the reporting requirements for crypto traders in Singapore, all cryptocurrency transactions must be reported to the IRAS. This includes buying, selling, exchanging, or transferring cryptocurrencies. The IRAS considers cryptocurrencies as capital assets, and any gains or losses from trading are subject to taxation. It is recommended to keep detailed records of your transactions, including the date, time, amount, and value of each trade, as well as any fees incurred. If you are unsure about how to report your cryptocurrency transactions, you can consult a tax professional or refer to the IRAS guidelines for assistance.
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