Tue, 23 Jul|
80RR Fintech Hub SG
IRAS Consultation Paper Dialogue Session on GST: Digital Payment Tokens
Join us in this dialogue session to help provide feedback on the IRAS consultation paper on GST: Digital Payment Tokens. This paper involves discussions on GST treatment for transactions involving virtual currencies/cryptocurrencies that function or are intended to function as a medium of exchange.
Time & Location
23 Jul 2019, 10:00 am – 12:00 pm
80RR Fintech Hub SG, 80 Robinson Rd, #08-01 80RR Fintech Hub, Singapore 068898
About the event
Under the current rules, the supply of digital payment tokens is treated as a taxable supply of services. Therefore, the sale, issue or transfer of such tokens for consideration by a GST-registered business is subject to GST. When the tokens are used as payment for the purchase of goods or services, a barter trade resulting in two separate supplies arises — a taxable supply of the tokens and a supply of the goods or services.
From 1 Jan 2020, to better reflect the characteristics of digital payment tokens, the following changes will take effect:
(i) The use of digital payment tokens as payment for goods or services will not give rise to a supply of those tokens; and
(ii) The exchange of digital payment tokens for fiat currency or other digital payment tokens will be exempt from GST.
IRAS is seeking feedback on this change of GST treatment, from businesses dealing in digital payment tokens.
Join us for this event to find out more!