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Hobbyist Miners In Singapore Are Exempt From Taxation
Summary: “Hobbyist” miners in Singapore will no longer be subject to taxation, according to updated guidelines from Singapore’s tax authority. The Inland Revenue Authority of Singapore (IRAS) released an updated tax guidance for digital tokens on April 17. The guidelines clarify that the taxation of crypto miners “depends on whether the miner performs the mining activity ...
“Hobbyist” miners in Singapore will no longer be subject to taxation, according to updated guidelines from Singapore’s tax authority.
The Inland Revenue Authority of Singapore (IRAS) released an updated tax guidance for digital tokens on April 17. The guidelines clarify that the taxation of crypto miners “depends on whether the miner performs the mining activity with an intention to profit.”
“Miners may perform mining as a hobby or to hold the tokens mined as a long-term investment. If so, the disposal gains/ losses of the payment tokens are not taxable/ deductible.”
By Ramsey Baker
Tags: hobbyist,IRAS,Miners,Singapore
Link: Hobbyist Miners In Singapore Are Exempt From Taxation [Copy]
