Home News Crypto trades in Thailand now reportedly subject to 15% capital gains tax

Crypto trades in Thailand now reportedly subject to 15% capital gains tax

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Thailand’s government is apparently moving forward in regulating the local cryptocurrency ecosystem by passing new tax guidelines for the sector.

The Bangkok Post news agency reported Thursday that profits from cryptocurrency trading in Thailand are now subject to a 15% capital gains tax.

Following a flourishing digital asset market last year, Thailand’s Revenue Department aims to increase its surveillance tasks. According to the report, the agency has the right to collect taxes on cryptocurrency exchanges. Because gains from such activity are considered assessable income under Section 40 of the Royal Decree modifying Revenue Code No.19.

To avoid legal fines, the finance ministry advised investors to calculate and disclose their cryptocurrency revenue in tax reports in 2022. All taxpayers who profited from cryptocurrency, including trading and mining businesses, will be subject to the new tax.

Cryptocurrency exchanges, on the other hand, said to be immune from the new tax obligations.

Akalarp Yimwilai, co-founder and CEO of Thailand’s largest local exchange, Zipmex, expressed concern about the continuous confusion surrounding the crypto tax reporting procedure and how to compute revenues.

“Tax calculations and processes should be more brief, straightforward, and simple to grasp”. Many folks I know want to pay taxes but have no idea how to do so,” Akalarp added.

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The latest analysis coincides with Thailand’s plan to designate “red lines” for cryptocurrency in early 2022. Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, indicated in mid-December that the central bank planned to issue new crypto-specific laws early this year.

Thailand’s financial officials have been exploring legislation. In order to collect a 15% capital gains tax on cryptocurrency since at least March 2018, according to earlier reports.

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