Singapore’s income tax treatment will be determined based on the nature and use of the NFT.
Taxing NFTs
According to the latest report by The Business Times, Singapore Finance Minister Lawrence Wong while addressing the parliament revealed that the prevailing income tax rules will apply to the income derived from non-fungible token (NFT) transactions or trading in it. Due to the absence of a capital tax regime in Singapore, individuals deriving capital gains from the NFT transactions will not be taxable, Wong clarified.
The news comes amid the recent tax changes that many analysts believe will help in reducing inequality, strengthening the social compact, aiding longer-term spending.
Singapore’s “Tech-neutral Stance” On NFTs
Earlier in January this year, Singapore officials had cautioned the citizens in terms of decisions related to digital investment vehicles, especially in the nascent sectors of NFTs and metaverse. Despite being often touted as the next crypto hub in Asia, S
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