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

The
government
of
Thailand
is
progressing
in
regulating
the
local
cryptocurrency
ecosystem
by
reportedly
enacting
new
tax
rules
for
the
industry.

Profits
from
crypto
trading
in
Thailand
are
now
subject
to
a
15%
capital
gains
tax,
The
Bangkok
Post
news
agency

reported

Thursday.

The
Thai
Revenue
Department
also
plans
to
step
up
its
monitoring
duties
following
a

booming digital
asset
market last
year
.
The
department
has
the
authority
to
collect
taxes
from
crypto
trades
as
profits
from
such
activity
are
considered
assessable
income
under
Section
40
of
the
Royal
Decree
amending
Revenue
Code
No.19,
the
report
stated.

The
finance
ministry
recommended
investors
to
calculate
and
report
their
income
from
cryptocurrencies
in
tax
declarations
in
2022
to
avoid
legal
penalties.
The
new
tax
will
be
collected
from
all
taxpayers
who
gained
profits
from
crypto,
including
trading
and
mining
operations.

On
the
other
hand,
cryptocurrency
exchanges
are
reportedly
exempt
from
new
tax
requirements.

Akalarp
Yimwilai,
co-founder
and
CEO
at
major
local
exchange
Zipmex
Thailand,
raised
concerns
about
the
ongoing
uncertainty
regarding
the
crypto
tax
reporting
process
and
how
to
calculate
profits.

“Tax
methods
and
calculations
should
be
more
concise,
clear
and
easy
to
understand.
Many
people
I
know
want
to
pay
taxes,
but
don’t
know
how
to
calculate
them,”
Akalarp
said.



Related:




Crypto
mining
reportedly
rises
in
Thailand
due
to
Chinese
crypto
ban

The
new
report
comes
in
line
with
the
Thai
government’s
plans
to
define
“red
lines”
for
crypto
in
early
2022.
Bank
of
Thailand
governor
Sethaput
Suthiwartnarueput
officially
announced
in
mid-December
that
the
central
bank
was

planning
to
release
new
regulations
 specific
to
the
crypto
industry
early
this
year.

As
previously
reported
by
Cointelegraph,
financial
authorities
in
Thailand
have
been
considering
legislation
to

collect
a
15%
capital
gains
tax
on
crypto

since
at
least
March
2018.

read original article here