Singapore To Charge Income Tax on NFT Transactions
Lawrence Wong, Singapore's finance minister, announced today that "prevailing income tax rules will apply" to Income derived from non-fungible token (NFT) transactions.
He stated that the tax treatment and economics "will be determined based on the nature and use of the NFT."
According to Wong, some individuals may also derive capital gains from such transactions. Those profits won't be deducted because the country does not have a regime of taxing capital gains.
Read more by following the link: https://art.rtistiq.com/en/blog/singapore-to-charge-income-tax-on-nfts.