Crypto taxation could deter investors, says Thai ruling party MP
Thai ruling party MP calls for due diligence from Excise Department to study the crypto market carefully before imposing any tax Thailand’s Committee on Monetary Affairs, Finance, Financial Institutions and Financial Market conducted a virtual meeting to discuss various aspects of crypto taxation.The ruling party MP Watanya Wongopasi posted a summary of the discussion on her Facebook page and urged the Excise department to do their due diligence before imposing any tax on the crypto trading market.In the meeting, Paiboon Nalinthrangkurn, the chairman of the Federation of Thai Capital....
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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....
The ATO today released its final ruling on taxation of digital currencies, with the majority of the draft version's important provisions still intact. Most importantly, goods and services tax (GST) will still be imposed on bitcoin exchanges, leading to double taxation if those bitcoins are then spent on goods or services. The Australian Tax Office (ATO), the government agency dedicated to revenue collection, has decided to delay its ruling on bitcoin, pleasing some individual taxpayers but creating uncertainty for businesses and investors. The ATO had since February promised a definitive....
The Thai Revenue Department is looking to impose a 15% capital gains tax on crypto trading. A former deputy secretary-general of Thailand’s Security and Exchange Commission (SEC), Tipsuda Thavaramara, has come out to question the legitimacy of crypto taxation in the country.According to a report by local newspaper The Nation, the comments from the former SEC chief come amid Thailand’s Revenue Department’s decision to discuss taxes for cryptocurrency trading. While praising the Revenue Department’s decision to inform relevant agencies, Thavaramara said, "Whether policies focus on the....
“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae. Noh Woong-rae, a member of South Korea’s National Assembly and a representative of the country’s ruling party, reportedly plans to postpone a bill clarifying the taxation of crypto until 2023.According to a Thursday report from Naver News, Noh said the Democratic Party of Korea plans to push back against the intention of South Korea’s Ministry of Finance to tax virtual assets starting in....
The president of Turkey, Recep Tayyip Erdoğan, has reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse. “It is a sensitive subject, a good and meticulous study should be done,” said President Erdoğan.
Turkish President Wants the Ruling Party to Study Crypto and the Metaverse
Turkish President Recep Tayyip Erdoğan reportedly discussed cryptocurrency and the metaverse at the Justice and Development Party’s central executive board meeting held Tuesday under his chairmanship.
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