Thailand is the first country in Asia to impose a tax on cryptocurrencies. This year, crypto trading fell into a legal gray area with no clear laws surrounding it and banks refusing to provide services to clients involved in crypto trading… Just as Bitcoin was gaining momentum, Thailand introduced additional taxes on cryptocurrency transactions that would slow its growth. can hinder.
Thailand’s new 15% capital gains tax on crypto transactions is reportedly now in effect. The news comes after the Thai government announced that it will tax all digital transactions from July 1, 2018. Read more in detail here: thailand crypto tax.
The Thai government is apparently making progress in regulating the local cryptocurrency ecosystem by adopting new tax guidelines for the company.
The Bangkok Post news agency reported Thursday that profits from crypto trading are now subject to a 15% capital gains tax in Thailand.
After a booming digital asset market last year, the Thai tax authorities are looking to expand its supervisory duties. According to the newspaper, the agency has the right to collect taxes on crypto trading as income is considered taxable income under Article 40 of the Royal Decree amending the tax code No. 19.
To avoid legal penalties, the Treasury Department advised investors to assess and disclose their cryptocurrency earnings in tax reports by 2022. The new tax will be levied on all taxpayers who have benefited from cryptocurrency, including traders and miners.
Cryptocurrency exchanges, on the other hand, are apparently immune to the new tax obligations.
Akalarp Yimwilai, co-founder and CEO of Zipmex Thailand, a prominent local exchange, expressed concern about the ongoing confusion surrounding the crypto tax reporting and revenue calculation process.
“Tax calculations and processes should be more concise, straightforward and easier to understand.” “I know a lot of people who want to pay taxes but don’t know how to do it,” Akalarp added.
Due to the Chinese crypto ban, cryptocurrency mining is apparently on the rise in Thailand.
The latest research coincides with Thailand’s intentions to establish “red lines” for cryptocurrency by early 2022. Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, indicated in mid-December that the central bank planned to unveil new crypto-specific laws early this year.
Thailand’s financial officials have been investigating legislation to collect a 15% capital gains tax on cryptocurrency since at least March 2018, according to Cointelegraph.
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