Thailand scraps 15% crypto capital gains tax following public backlash
The Thai Revenue Department had initially intended to tighten oversight of cryptocurrency trading after seeing substantial market growth. Thailand has decided to suspend the implementation of its 15% cryptocurrency capital gains tax for now. The proposal, which was presented earlier this year, triggered a lot of opposition, but it appears that some sort of crypto tax will still be implemented.Thailand will reportedly not proceed with its 15% cryptocurrency tax plan after traders in the nation expressed strong opposition, according to The Financial Times. On income taxes, tax officials said....
Related News
Crypto-related profits, such as those resulting from the trading of digital currencies, will be taxed at a rate of 15%, a finance ministry official has revealed to the local press in Thailand. After last year’s significant market growth, the department intends to improve surveillance of crypto trade in 2022.
Thailand Urges Crypto Traders to Report Profits on Tax Returns
The Ministry of Finance in Thailand advises investors to indicate their income from crypto holdings when they file their tax declarations this year, the Bangkok Post reported on Thursday. Capital gains....
The SET announced its digital asset exchange early last year, originally planning to avoid cryptocurrencies. The Stock Exchange of Thailand (SET) is looking at launching a new digital asset exchange integrated with the cryptocurrency market, according to president Pakorn Peetathawatchai.The SET is expecting to launch its own digital asset exchange in 2022, planning to enable new exposure options like investment tokens and utility tokens, Peetathawatchai said in a Bloomberg interview on Sunday.While the SET’s upcoming digital asset exchange will not be directly related to crypto markets,....
The Thai revenue department will expedite tax criteria as traders and businesses seek further clarity. Thailand is fast-tracking its crypto tax plans as it readies regulations for digital asset traders this month in an effort to provide further clarity on crypto-related activities.The Thai revenue department’s director-general has stated that clear criteria for calculating taxes on crypto trading profits will be finalized this month.The statement comes less than a week after the Southeast Asian country’s government unveiled plans to levy cryptocurrency traders and miners with a 15% capital....
While Thai crypto investors and miners are required to pay the tax in 2022, exchanges are reportedly exempt from the new duty. 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....
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....