Singapore announces income tax on NFT transactions, determined based on nature and usage
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According to a report by Business Times, Singapore's Finance Minister Lawrence Wong stated in today's (11th) parliament session that capital gains tax will be imposed on the buying and selling of NFTs, with the criteria based on the nature and usage of the NFTs.
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According to a report by The Business Times, Singapore's Finance Minister Lawrence Wong stated in parliament on the 11th that income tax will apply to transactions involving NFTs, with the tax base determined by the nature and use of the NFT.
The taxation will apply to individuals who earn income through buying and selling NFTs. However, as Singapore does not have a capital gains tax, the portion of capital gains obtained through NFT transactions will not be taxed.
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