A Practical Guide to Cryptocurrency in Singapore: From a Tax and Accounting Perspective

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Description

The live session will be held at the Sheraton Towers, 39 Scotts Road, Singapore

This is a hybrid session. You have the option to attend this live in-person or online via zoom. Please select accordingly at registration.

This one-day workshop will provide a comprehensive insight and guide to the cryptocurrency ecosystem in Singapore, from a tax and accounting perspective. 

This topical and timely practical workshop will address tax issues concerning gains from cryptocurrency and losses following the most recent TerraUSD and Terra (Luna) crash. It will also discuss IRAS’ recent e-tax guides on digital payment tokens. The accounting treatment for holding cryptoassets will also be covered in relation to ISCA’s issuance of the Financial Reporting Guidance 2 (“FRG 2”): Accounting for Cryptoassets From a Holder’s Perspective.

This unique workshop format offers you the option to attend either the AM or PM session.

AM Session: A Practical Guide to Cryptocurrency in Singapore: From a Tax Perspective click here

PM Session: A Practical Guide to Cryptocurrency in Singapore: From an Accounting Perspective click here

By attending the one-day session, you get to enjoy greater savings and buffet lunch will be provided! Register NOW!

Programme Outline

AM Session: 9am-12.30pm

Cryptocurrency Tax Implications

• Income Tax
• How income tax is imposed on crypto gains
• Tax treatment of cryptocurrency losses
• Specific tax treatment of payment tokens, utility tokens & security tokens
• Income tax from the perspective of a coin issuer, investor, employer/employee, miner/forger
• Goods and Services Tax (GST)
• GST treatment of digital payment tokens & non-digital payment tokens
• GST liabilities from the perspective of a customer, miner, token intermediary and so on

Q&A

 

 

Practice Area: Tax

 

Training Level: General

 

3 Public CPD Points for SILE-Legal professionals / 3.5 CPE Hours for non-legal professionals

 

SILE ATTENDANCE POLICY: Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For participants attending the face-to-face activity, this includes signing in on arrival and signing out at the conclusion of the activity in the manner required by the organiser, and not being absent from the activity for more than 15 minutes. For those participating via the webinar, this includes logging in at the start of the webinar and logging out at the conclusion of the webinar in the manner required by the organiser, and not being away from the activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to https://www.silecpdcentre.sg for more information.

 

PM Session: 2pm-4.30pm
This session will explain the salient features of Financial Reporting Guidance 2(FRG 2), including:

• The different types of cryptoassets
• Accounting for cryptoassets by the holder
• Holdings of cryptocurrencies
• Holdings of cryptoassets other than cryptocurrencies
• Absence of an applicable FRS
• Summary of applicable FRSs
• Classification and measurement considerations
• Disclosure considerations

Q&A

What you will learn

• Taxability of cryptocurrency gains and tax deductibility of cryptocurrency losses;
• Learning the income tax and GST treatment of the different types of cryptocurrencies from the perspective of a coin issuer, investor, employer, employee, miner, forger, customer, digital payment token intermediary and so on
• Gain a good grasp of ISCA’s Financial Reporting Guidance 2 (FRG 2): Accounting for Cryptoassets From a Holder’s Perspective
• Find out the different types of cryptoassets and its uses
• Learn how to account for cryptoassets by the holder

Target Audience

• Anyone who would like to have a practical and complete knowledge on cryptocurrency/cryptoassets in Singapore
• Tax practitioners
• Finance practitioners
• Accountants
• Auditors
• Commercial Directors
• Lawyers

Expert Speaker

Liu Hern Kuan
Director, Head of Tax, Insights Law LLC

Hern Kuan has wide experience in Revenue Law, having lectured in it at the Law Faculty in NUS, practiced as a tax manager in Big-4 accounting firms and as head of tax in a major law firm. He was also the Chief Legal Officer of the Inland Revenue Authority of Singapore (IRAS) for 10 years.

Hern Kuan’s tax practice is largely focused on civil and criminal disputes with IRAS and tax planning and structuring, both domestic and international tax.

He has presented many seminars on tax law and was an associate staff lecturer on tax planning and international tax at SUSS.

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer. He was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).