Cryptos’ Taxing Problem
For anyone in crypto one of the big pains is taxes.
Not necessarily that we have to pay taxes (that’s a whole other essay), but that the taxing agencies can’t provide any clarity.
Take the IRS… a decade in and its now saying it wants to make crypto tax clarity a priority.
Dear IRS, no one is holding their breath.
Singapore, and its tax agency the Inland Revenue Authority of Singapore (IRAS), are making progress.
The IRAS is proposing to remove goods and services tax (GST) from cryptocurrency transactions that function or are aimed to function as a medium of exchange.
Per IRAS examples of digital payment tokens include Bitcoin, Ethereum, Litecoin, Dash, Monero, Ripple and Zcash.
However, stablecoin aren’t included, so they obviously have more work to do. At least it’s something.
If it passes it’ll start at the beginning of 2020.
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