Singapore to Charge Income Tax on NFT Trading, says FM Lawrence Wong

In Asia, Singapore extends taxes imposing on Non-Fungible Token (NFT) transactions, according to local media CNA.

Speaking to the parliamentary reply on Friday, Singapore Finance Minister Lawrence Wong said the prevailing income tax rules “will apply to income derived from transactions of non-fungible tokens (NFTs),” adding that income tax treatment “will be determined based on the nature and use of the NFT.”
The Business Times reported, citing the FM who added that capital gains from NFT trading might also apply on individuals. But Wong explained as “as Singapore does not have a capital gain tax regime,” such gains will not …

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