Singapore is one of most favourable countries for crypto holders. The country has properly laid out rules for crypto taxation and very less tax reliabilities. There is no capital gains tax, therefore purchase and sale of crypto is absolutely tax free.
Do you have to pay crypto tax in Singapore?
Most transactions do not attract a crypto tax in Singapore. Only if your transactions are very frequent that the government deems it a business or if you are getting paid for goods and services in crypto, will there be taxes levied on crypto.
When do you have to pay tax on crypto in Singapore?
If your transactions are very frequent, then the government might see you as a professional trader and levy taxes. Buying, selling and converting of crypto also attracts a 8% fee as GST.
Also, if you receive payment for goods and services, then taxes are levied.
What crypto transactions are taxable in Singapore?
Buying, selling, converting crypto, getting paid in crypto and Professional trading.
What are the Crypto Tax Rates in Singapore?
When you buy, sell or convert crypto, a fee of 8% is levied.
If you are engaging in trading, then you need to disclose it in your annual return and pay taxes according to personal income.
Receiving payments in crypto is also taxable.
Singapore Income Tax Brackets (2023)
| Taxable income (SGD*) | Year of assessment 2023 | ||
| Over (column 1) | Not over | Tax on column 1 (SGD) | Percentage on excess (%) |
| 0 | 20,000 | – | – |
| 20,000 | 30,000 | – | 2.00 |
| 30,000 | 40,000 | 200 | 3.50 |
| 40,000 | 80,000 | 550 | 7.00 |
| 80,000 | 120,000 | 3,350 | 11.50 |
| 120,000 | 160,000 | 7,950 | 15.00 |
| 160,000 | 200,000 | 13,950 | 18.00 |
| 200,000 | 240,000 | 21,150 | 19.00 |
| 240,000 | 280,000 | 28,750 | 19.50 |
| 280,000 | 320,000 | 36,550 | 20.00 |
| 320,000 | 500,000 | 44,550 | 22.00 |
| 500,000 | 1,000,000 | 84,150 | 22.00 |
| 1,000,000 | 194,150 | 22.00 | |
Singapore Capital Gain Tax Rates (2023)
Singapore has no capital gain taxes.
How is Tax Calculated on Cryptocurrency in Singapore?
In Singapore, buying, selling and converting crypto is levied a fee on. Therefore, if you buy crypto worth SGB 10,000, then 8% of this amount is levied as a fee. Similarly, if you sell crypto for SGD 10,000 or convert it, then also an 8% fee is levied.
When you are trading or receiving payments in the form of crypto, you need to disclose that as your income and it will be taxed as ordinary income.
Is there any Crypto Tax Free in Singapore?
Transferring crypto and spending are tax free in Singapore.
Crypto Tax in Singapore – FAQs
Do you have to pay tax when you buy crypto in Singapore?
Yes, buying crypto attracts an 8% fee in Singapore.
Do you have to pay tax when you sell crypto in Singapore?
Yes, selling crypto attracts an 8% fee in Singapore.
Do you have to pay tax when transferring crypto in Singapore?
No, transferring crypto is not taxable in Singapore.
Do you have to pay tax when spending crypto in Singapore?
No, spending in crypto is not taxable in Singapore.
Is swapping crypto taxable?
Yes, swapping crypto attracts an 8% fee in Singapore.
How much tax on crypto gains in Singapore?
As income, it depends on your income bracket.
How do I avoid capital gains tax on crypto in Singapore?
There is no capital gains tax on crypto in Singapore.
Market Research Intern, Octaloop
Maitreyee takes a keen interest in financial technologies and their potential to transform lives at the grassroots. Put together with her penchant for Economic Research, she brings tonnes of academic and actionable insight into our products. Maitreyee is contributing at Binamite as a Market Research Intern, and when she's not doing that, you can find her exploring the city or buried in a book.