Tax on crypto transactions
When using digital payment tokens (DPTs) to pay for goods, how should GST return be calculated?
According to IRAS (e-Tax Guide)
Receiving digital payment token as consideration
7.1 When you receive digital payment tokens as consideration for your supply of goods or services, you should report the open market value8 of the goods or services as the value of your supply in your GST return.
8 Open market value is the value the supply would have fetched “if the supply were for consideration in money as would be payable by a person who has no relationship with any person which would affect that consideration” —section 17(5) of the GST Act. Put simply, open market value is the arm’s length price for a supply between unrelated parties.