Thailand Government Disperses Confusion Surrounding Cryptocurrency Taxation
January 18 2022 - 1:55AM
NEWSBTC
Before now, some countries have mapped out some crypto taxes for
transactions on cryptocurrency assets within their jurisdiction.
Thailand is one of the countries that proposes some taxation plans.
As the new year begins, the revenue department of Thailand is
setting up its measures for implementing its tax plans on crypto
traders this January. The move is to provide more clarifying
information on the tax over crypto-related activities. According to
the director-general of the revenue department, this month will
mark the finalizing of the criteria for tax calculations which will
be on crypto trading profits. The statement’s release was one week
following its government’s disclosed plans to levy crypto miners
and traders with a capital taxation gain of 15%. A Bangkok Post
article on Tuesday reported the instruction of Prayut Chan-o-cha,
the Thai Prime Minister, to the revenue department. He told the
department to analyze the issue and map out the taxation plans for
the investors and the entire public. Related Reading | Upside
Potential in NFTs is Massive Says, Gary Vaynerchuk Following the
Prime Minster’s instructions, the department has engaged the Bank
of Thailand in a discussion. The talk is also the country’s Stock
Exchange and Security and Exchange Commission. Cryptocurrency
Investors React On Taxation Plan The Thai Digital Asset
Association, while seeking clarifications, got in touch with the
revenue department on Sunday. A local media reports that the
association seeks to know more concerning withholding taxes and
capital gains. Suppakrit Boonsat, the President of the Association,
stated that many cryptocurrency investors accept the taxation.
However, their concern is making moves that may violate the Revenue
Code. Some traders are worried that there could be back taxation or
penalties to trades and profits in previous years. According to a
spokeswoman from the government, the authorities are not posing any
hindrance to industrial development and innovation with fintech
included. However, she warned that a rush to accept crypto trading
without a thorough understanding could lead to a crypto crisis.
Thailand intends to place its new taxation only on profits from
miners and traders. In addition, there is an exemption of the
country’s digital asset exchanges. With the largest affiliated with
commercial banks and billionaire business tycoons. Related Reading
| January Proves Turbulent For Investors But NFT And GameFi
Seems To Be Eating Good According to the latest filing
requirements, those that fail to comply with the rule will be
heavilThethe move. In addition, they issued some warnings to
individual businesses and commercial banks concerning adopting the
country’s digital assets as pa through the movement options. In
December, through the move Bank of Thailand mentioned its plan of
drawing out measures for regulating crypto-related activities. The
regulation, which was tagged ‘Red Lines,’ will cover both
businesses and individuals within the crypto industry. Featured
image from Pixabay, chart from TradingView.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024