Tackling Taxation (Income Tax & GST) in the ‘Evolving’ World of Cryptographic Assets (Classroom)

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29 October 2024, Tuesday

09.00AM - 12.30PM
ISCA House
60 Cecil Street
Singapore 049709

Details/ Promotion:
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Please refer to organiser’s webpage here.
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Programme Synopsis

The Inland Revenue Authority of Singapore (IRAS) has published two detailed e-tax guides on the taxation of Digital Tokens. One covering Income Tax treatment (first published Apr 2020 and Revised 9 Oct 2020) and the second covering the GST treatments (published in Nov 2019).

The world of cryptographic assets is evolving at breakneck speed and much of the transactions and challenges faced by businesses in the sector do not fall squarely within the guidance published in the 2019 and 2020 e-tax guides.

This course by ISCA aims to explore the significant developments in the world of cryptographic assets and how the IRAS is trying to bring this class of assets to tax in Singapore. Besides the direct tax aspects, our trainer(s) will also address the GST considerations that business within the sector face.

Programme Outline

A Highlight of Key Areas:
  • Have a better understanding of the players within the sector and their respective roles within the ecosystem
  • Be aware of the different types of cryptographic assets and the potential transactions applicable to each
  • Understand the different classifications and interpretations of cryptocurrencies and other digital assets (e.g. Bitcoin, Ether, Stablecoins, Utility tokens, NFTs etc) from an income tax and GST perspective
  • Have an appreciation for the practical challenges that are likely to arise for the IRAS and the businesses operating in the sector

About the Presenter(s)/ Trainer(s)

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Mr David Sandison
Singapore Practice Leader and Head of Tax
Grant Thornton Singapore
Accredited Tax Advisor (Income Tax)

David joined the firm in July 2019 to head up the Tax practice, after a 35-year career in international tax with a big four accounting firm in London, Melbourne and Singapore (as a well as a five-year “post retirement” spell running his own tax practice). He leverages off that unique international experience to help his Multinational clients (big and small) structure and manage their cross-border business operations, not only from a tax perspective, but also from a commercial and practical perspective, having dealt with, in his time, clients in almost every industry and situation imaginable.

On the external front, David was for many years a member of Taxation and Levies Committee for the Institute of Certified Public Accountants in Singapore, and latterly performed the same role for the Singapore Institute of Accredited Tax Professionals, now known as Singapore Chartered Tax Professionals.

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Mr Jeremy O'Neill
Associate Director, GST
Grant Thornton

Jeremy has 10 years’ experience in providing indirect tax (GST / VAT) advice to a wide range of clients. Jeremy was a part of Grant Thornton’s implementation team during the introduction of Value-Added Tax in the United Arab Emirates (UAE) in 2017-2018. Throughout the course of his career with Grant Thornton, he has lived in and advised clients on indirect tax matters in UK, UAE and Singapore.

Jeremy advises a portfolio of multinational companies and small-medium enterprises on a full spectrum on GST matters, including those within the Fund Management and digital assets industry. This ranges from GST compliance matters including; GST registration, IRAS GST audits, GST health checks (Assisted Self-Help Kit (ASK) reviews and Assisted Assurance Compliance (ACAP)) through to GST advisory assignments such as: GST scheme applications, international inbound projects, tax rulings, tax automation and software implementation reviews across a wide variety of business sectors.

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