Singapore Revenue Agency publishes draft VAT on goods and services for digital payment tokens

The Singapore Revenue Agency (IRAS) has issued a draft VAT for goods and services for digital payment tokens: "IRAS e-Tax Guide" (Draft) GST: Digital Payment Tokens. The draft guide explains how VAT will be imposed when trading with virtual currency/cryptocurrency as a medium of exchange. Payment of tokens under current regulations will be considered a taxable service provision, so VAT registrations that sell, issue, or transfer such tokens will be subject to a VAT for goods and services, and these tokens are used to pay for goods. And the service will result in a double taxable supply, including the payment of the taxable supply of the token itself and the taxable supply of goods or services.