Tax by country
Singapore — tax on crypto and investments
Inland Revenue Authority of Singapore (IRAS). Tax year 1 January – 31 December basis period; Year of Assessment (YA) is the following year (YA 2026 = income of 2025). Last verified 28-10-2026.
| Country | Currency | Tax year | Authority | Last verified | Status |
|---|---|---|---|---|---|
| SG | SGD | 1 January – 31 December basis period; Year of Assessment (YA) is the following year (YA 2026 = income of 2025) | Inland Revenue Authority of Singapore (IRAS) | 28-10-2026 | approved by the owner (accountant), 28-10-2026 |
Related article: hq-fs.com/blog/crypto-tax-singapore
Not tax advice. Rules summarised from official sources, linked where each rule is stated, as verified on the date above. Confirm with a qualified adviser before filing.
At a glance#
Capital gains#
Capital or revenue#
| Situation | Treatment |
|---|---|
| Buying a payment token | Not a taxable event. Intention at purchase is tested later with the badges of trade (IRAS guide, Annex A 1C) |
| Disposal for fiat, capital asset | Not taxable; loss not deductible (Annex A 2B) |
| Disposal for fiat, revenue asset | Gain taxable, loss deductible, when realised and accrued (Annex A 2A–2B) |
| Token-to-token conversion | Same capital/revenue test as disposal for fiat (Annex A 2C) |
| Fair-value change in accounts | Not taxable / not deductible until realised (para 5.6) |
| Security token disposal | Gain capital or revenue depending on the holder; returns taxed as interest, dividend or other distribution (para 7.1) |
Badges of trade#
IRAS weighs the factors together; no single factor decides.
| Factor | Points to trading when |
|---|---|
| Intention at purchase | Bought to resell at a profit |
| Holding period | Short |
| Frequency and volume of similar transactions | High, repeated |
| Work or improvements before sale | Present |
| Financing | Short-term or borrowed to fund resale |
Factor list from IRAS's guidance on determining the existence of trade. The digital-tokens guide applies the same test to tokens.
Personal income tax rates (resident, YA 2024 onwards — applies to YA 2025 and YA 2026)#
Trading gains are taxed at these rates.
| Chargeable income (S$) | Rate | Tax on band (S$) | Cumulative tax (S$) |
|---|---|---|---|
| First 20,000 | 0% | 0 | 0 |
| Next 10,000 (to 30,000) | 2% | 200 | 200 |
| Next 10,000 (to 40,000) | 3.5% | 350 | 550 |
| Next 40,000 (to 80,000) | 7% | 2,800 | 3,350 |
| Next 40,000 (to 120,000) | 11.5% | 4,600 | 7,950 |
| Next 40,000 (to 160,000) | 15% | 6,000 | 13,950 |
| Next 40,000 (to 200,000) | 18% | 7,200 | 21,150 |
| Next 40,000 (to 240,000) | 19% | 7,600 | 28,750 |
| Next 40,000 (to 280,000) | 19.5% | 7,800 | 36,550 |
| Next 40,000 (to 320,000) | 20% | 8,000 | 44,550 |
| Next 180,000 (to 500,000) | 22% | 39,600 | 84,150 |
| Next 500,000 (to 1,000,000) | 23% | 115,000 | 199,150 |
| Above 1,000,000 | 24% | — | — |
| Item | Rule |
|---|---|
| Non-resident, employment income | Higher of 15% flat or resident progressive rates |
| Non-resident, other income (director's fees, consultancy, rental etc.) | 24% from YA 2024 |
| Personal income tax rebate YA 2025 | 60% of tax payable, capped at S$200 (tax residents) |
Income#
| Receipt | When taxed | Value |
|---|---|---|
| Tokens for goods/services (business) | When income accrues (Annex A 1A) | Value of goods/services provided. If contract fixes a S$ amount, that amount; if it fixes a token count, value of the tokens at accrual |
| Tokens as employment pay | When income accrues; if under moratorium, when it is lifted (Annex A 1B) | Value of employment services |
| Founder's tokens as remuneration | When entitled; if locked, when lock-in ends (para 11.3) | Value at end of moratorium |
| Mining, individual hobby or long-term hold | Not taxed; expenses not deductible (Annex A 1D) | — |
| Mining, individual with habitual and systematic profit effort | At disposal of mined tokens, not at mining (Annex A 1D) | Disposal profit |
| Mining, company | Business of mining; taxed at disposal; expenses deductible from commencement (Annex A 1D) | Disposal profit |
| Mining service fee | When received (Annex A 1E) | Fee |
| Airdrop, nothing given in return | Not income (Annex A 1F) | — |
| Airdrop in return for or in expectation of a service | Could be taxable income (Annex A 1F) | Not prescribed in the e-Tax Guide |
| Hard fork | Not taxed on receipt. Later disposal taxable if the recipient trades tokens (Annex A 1G) | — |
| Staking rewards | Not addressed in the e-Tax Guide | — |
Valuation#
| Rule |
|---|
| IRAS prescribes no valuation method (para 5.4) |
| Rate must be reasonable and verifiable, e.g. an average of exchange rates such as Coinbase and Binance (para 5.4(i)) |
| Method applied consistently year on year (para 5.4(ii)) |
| IRAS may enquire; keep supporting documents (para 5.5) |
Source of income#
Taxable token gains are Singapore-sourced if the bulk of the operations are performed in Singapore. Factors: physical presence, where key activities are carried out (IRAS guide, paras 5.8–5.9).
Cost basis and record keeping#
| Item | Rule |
|---|---|
| Methods accepted (taxable disposals) | FIFO or weighted average, in line with FRS 2 / SFRS(I) 1-2 (para 5.7) |
| Method rejected | LIFO (para 5.7 fn 1) |
| Same-day / 30-day rules | None found in the guide |
| Records to keep | Date; units received or sold; value at the time; exchange rate used; purpose; customer/supplier details; ICO details; receipts/invoices (para 12.1) |
| Retention period | 5 years |
| Retention example | YA 2024 (FY 1 Jan – 31 Dec 2023) records kept to 31 Dec 2028 |
The 5-year rule is stated on IRAS's self-employed and partnerships page.
Indirect taxes#
| Item | Rule |
|---|---|
| DPT definition (GST) | Cryptographically-secured digital representation of value used as a medium of exchange; a unit; fungible; electronically transferable. Not denominated in or pegged by its issuer to any currency |
| Exchange of DPT for fiat or other DPT | Exempt supply from 1 Jan 2020 |
| Loan of DPT for interest | Exempt from 1 Jan 2020 |
| DPT used to pay for goods/services | Disregarded as a supply; GST only on the goods/services |
| Before 1 Jan 2020 | Virtual currency supply was a taxable service; payment was a barter |
| Fiat-pegged stablecoins | Excluded from the DPT definition by the peg criterion. The IRAS page does not state the GST outcome for a specific stablecoin |
| Mining | Not addressed on the IRAS GST DPT page |
| Standard GST rate | 9% (8% for 2023) |
Reporting and deadlines#
| Item | Rule |
|---|---|
| YA 2026 return | File 1 Mar – 18 Apr 2026 (covers 2025 income) |
| Paper return | Due 18 April |
| Extension | Up to 14 days via myTax Portal |
| CARF — MCAA signed | 26 Nov 2024 (IRAS announcement) |
| CARF — regulations enacted | 11 Aug 2026: Income Tax (International Tax Compliance Agreements) (Crypto-Asset Reporting Framework) Regulations 2026 |
| CARF — first e-Tax Guide | 11 Aug 2026 |
| CARF — domestic effect | 1 Jan 2027 |
| CARF — provider registration | By 31 March after the calendar year the obligation arises |
| CARF — annual return | By 31 May after the calendar year reported. First return (2027) due 31 May 2028 |
| CARF — first exchange | From September 2028 |
Recent and upcoming changes#
| Date | Change |
|---|---|
| 1 Jan 2020 | GST exemption for DPT exchanges and loans |
| 28 Jan 2020 | Payment Services Act in force; DPT services regulated by MAS |
| YA 2024 | Top resident rate 24% above S$1m; non-resident rate 24% |
| 1 Jan 2024 | GST rate 9% |
| 26 Nov 2024 | Singapore signs CARF MCAA |
| YA 2025 | Personal rebate 60%, cap S$200 |
| 30 Jan 2026 | Digital-tokens e-Tax Guide re-issued: renumbering to Income Tax Act 1947 (2020 Rev. Ed.) and editorial changes only. No policy change (para 14) |
| 11 Aug 2026 | CARF regulations enacted; first CARF e-Tax Guide |
| 1 Jan 2027 | CARF collection year starts |
| 31 May 2028 | First CARF returns due |
| Sep 2028 | First CARF exchanges |
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