Crypto trades in Thailand now reportedly subject to 15% capital gains tax
Thailand has become the first country in Asia to impose a tax on cryptocurrencies. This year, crypto trade fell into a legal grey area with no clear laws surrounding it and banks refusing to provide services to customers involved in crypto trading… Just as Bitcoin was gaining momentum, Thailand introduced additional taxes for cryptocurrency transactions that may hinder its growth.
Thailand’s new 15% capital gains tax on crypto trades is reportedly now in effect. The news comes after the Thai government announced that it would be taxing all digital transactions as of July 1, 2018. Read more in detail here: thailand crypto tax.
Thailand’s government is apparently moving forward in regulating the local cryptocurrency ecosystem by passing new tax guidelines for the business.
The Bangkok Post news agency reported Thursday that profits from crypto trading are now subject to a 15% capital gains tax in Thailand.
Following a flourishing digital asset market last year, the Thai Revenue Department aims to increase its surveillance tasks. According to the newspaper, the agency has the right to collect taxes on crypto trading since earnings are deemed assessable income under Section 40 of the Royal Decree modifying Revenue Code No.19.
To avoid legal fines, the finance ministry advised investors to assess and disclose their cryptocurrency revenue in tax reports by 2022. The new tax will be levied on any taxpayers who profited from cryptocurrency, including traders and miners.
Cryptocurrency exchanges, on the other hand, are apparently immune from the new tax obligations.
Akalarp Yimwilai, co-founder and CEO of Zipmex Thailand, a prominent local exchange, expressed worry about the continuous confusion surrounding the crypto tax reporting procedure and how to compute revenues.
“Tax computations and processes should be more brief, straightforward, and simple to comprehend.” “I know a lot of folks who want to pay taxes but don’t know how to do it,” Akalarp added.
Due to the Chinese crypto prohibition, cryptocurrency mining is apparently increasing in Thailand.
The latest research coincides with Thailand’s intentions to establish “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 unveil new crypto-specific laws early this year.
Thailand’s financial officials have been exploring legislation to collect a 15% capital gains tax on cryptocurrency since at least March 2018, according to Cointelegraph.
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The “how much are stocks taxed” is a question that many investors have been asking. The answer to the question is that stocks in Thailand are now subject to 15% capital gains tax.