- Companies pay corporate income tax at a flat 17%. Partial and start-up exemptions reduce the tax on the first SGD 200,000, and for YA 2026 there is a rebate of 50% of the tax, capped at SGD 40,000.
- Profits from trading or mining tokens are taxable. Gains on tokens held as a long-term investment are capital gains and not taxed.
- A business that accepts tokens is taxed on the value of what it supplied, as a barter trade.
- Since 1 January 2020, exchanging digital payment tokens for money or other tokens is exempt from GST, and paying with them is disregarded. Stablecoins and NFTs are not digital payment tokens for GST.
This page covers companies and other businesses in Singapore that hold, trade, mine or accept crypto. Individuals are on personal tax, and the filing dates for companies on filing and deadlines. It is general information, not tax advice.
Accounting for crypto
For income tax, IRAS views a payment token as intangible property, not as currency: it is not issued by a government and is not legal tender. That has these consequences in the IRAS e-Tax Guide on digital tokens (30 January 2026) and its page on taxable income:
- Receiving tokens. A business that accepts tokens for goods or services is in a barter trade and is taxed on the value of what it supplied. If the contract states an amount in Singapore dollars payable in tokens (for example “S$100 worth of Bitcoins”), the taxable income is that amount. If it states a number of tokens, it is their value when the income accrues.
- Paying with tokens. A business can deduct the value of the goods or services it received, under the general deduction rules.
- Valuation. Businesses should record sales at the open market value of the goods or services in Singapore dollars. If that cannot be determined, the token exchange rate at the time of the transaction may be used. The rate must be reasonable and verifiable and the method must be applied consistently year on year.
- Fair value. A change in fair value shown in the financial statements is not taxable or deductible while it is not realized.
- Cost method. For a trader, IRAS accepts FIFO or weighted average cost; LIFO is not acceptable.
Whether a gain is taxable depends on the facts: businesses that buy and sell tokens in the ordinary course of business are taxed on the profit, while gains on tokens bought for long-term investment are capital gains, and “there are no capital gains taxes in Singapore”. IRAS looks at purpose, frequency of transactions and holding periods.
Corporate income tax
A company is taxed at a flat 17% of its chargeable income, whether it is local or foreign. Two schemes exempt part of the first SGD 200,000 of normal chargeable income:
| Item | Who | Figure |
|---|---|---|
| Corporate income tax rate | All companies | 17% |
| Start-up exemption (from YA 2020) | Qualifying new companies, first 3 consecutive YAs | 75% of the first SGD 100,000 and 50% of the next SGD 100,000, so at most SGD 125,000 exempt per year |
| Partial exemption (from YA 2020) | Companies not claiming the start-up exemption | 75% of the first SGD 10,000 and 50% of the next SGD 190,000, so at most SGD 102,500 exempt per year |
| CIT Rebate (YA 2026) | All taxpaying companies | 50% of corporate tax payable, capped at SGD 40,000 (less the cash grant where it applies) |
| CIT Rebate Cash Grant (YA 2026) | Active companies with at least one local employee in 2025 | SGD 2,000 |
The YA 2026 rebate was announced in Budget 2026 at 40% and later raised to 50%, with the cash grant raised from SGD 1,500 to SGD 2,000. IRAS computes the rebate automatically; you do not deduct it in your return.
Mining companies. IRAS says that a company is generally set up to make a profit, so a company that mines is regarded as carrying on a mining business. It can deduct mining expenses from the date the business commences, for example once mining equipment is bought or mined tokens are sold, and it is taxed on the profit when it sells the mined tokens.
GST on crypto
Singapore’s VAT is the goods and services tax (GST), currently 9%. A business must register for GST if its taxable turnover for a calendar year exceeded SGD 1 million. Since 1 January 2020, IRAS treats digital payment tokens like this:
| Transaction (from 1 January 2020) | GST treatment |
|---|---|
| Exchanging digital payment tokens for money or for other digital payment tokens | Exempt. GST-registered businesses report the net realized gain or loss from these exchanges as exempt supplies. |
| Lending digital payment tokens for interest | Exempt. The interest is reported as an exempt supply. |
| Paying for goods or services with digital payment tokens | The use of the token is disregarded. GST applies to the goods or services supplied, as usual. |
| Mining (block rewards) | Not a supply for GST. Mining services to identifiable parties for a fee or commission are taxable services. |
| Fees of intermediaries such as exchanges or brokers | Taxable, even if they concern token transactions |
| Selling tokens to a person who belongs outside Singapore | Can be zero-rated, for example a sale on an overseas exchange |
Not every token is a digital payment token. IRAS defines it as a unit that is fungible, not denominated in or pegged to any currency, transferable electronically and intended as a medium of exchange for the public; it names Bitcoin, Ether, Litecoin, Dash, Monero, Ripple and Zcash as examples. Tokens pegged to a currency, such as stablecoins, do not qualify, but IRAS treats them as derivatives whose supply is also exempt. NFTs that represent rights to specific property, such as digital artwork, remain a taxable supply of services. Before 2020, supplies of virtual currencies were taxable supplies of services.
Crypto service providers
A business that buys, sells, exchanges, transfers or holds digital payment tokens for customers needs a license from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019, and from 30 June 2025 a provider in Singapore that serves only customers abroad needs a license under the Financial Services and Markets Act 2022, which MAS says it will generally not issue. The details are on regulation. Providers also have tax reporting duties to IRAS under CARF; see filing and deadlines.
Sources
- IRAS: Income Tax Treatment of Digital Tokens (e-Tax Guide, 30 January 2026) (last checked October 2026)
- IRAS: Taxable and non-taxable income (last checked October 2026)
- IRAS: Corporate income tax rate, rebates and tax exemption schemes (last checked October 2026)
- IRAS: GST, Digital payment tokens (last checked October 2026)
- IRAS: GST, Digital Payment Tokens (e-Tax Guide, third edition, 30 January 2026) (last checked October 2026)
- IRAS: Current GST rates (last checked October 2026)
- IRAS: Do I need to register for GST? (last checked October 2026)
- MAS: MAS clarifies regulatory regime for digital token service providers (last checked October 2026)
This page is general information, not tax advice. Rules and rates change, so check the official sources above before you act.