Thailand Government Disperses Confusion Surrounding Cryptocurrency Taxation
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....
Related News
As Thailand prepares to impose a levy on crypto profits, parties on both sides of the aisle have expressed concerns over the government’s current proposal. A number of political figures have insisted that important aspects need to be clarified in order to avoid double taxation of income related to cryptocurrencies.
Thai Politicians Warn About Negative Effects of Crypto Tax
Representatives of parties from various corners of the political spectrum in Thailand have shared their disagreements with the government’s plan to tax gains from cryptocurrencies. The reactions....
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....
Thailand’s government announced Tuesday that trade in digital assets is free from value-added tax, as part of a plan to upgrade the country’s payments infrastructure. Thailand’s Government Gives Tax Breaks Finance Minister Arkhom Termpittayapaisith told a press conference that the rules will allow traders to credit annual losses against gains for taxes due on cryptocurrency […]
An Indian industry association has written to the country’s finance minister seeking clarity on cryptocurrency taxation in Union Budget 2022-23. “The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.”
Industry Wants Clarity in Crypto Tax Laws in Union Budget 2022-23
Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding cryptocurrency taxation. The association represents major....
The advent of Bitcoin and blockchain technology has made government taxation obsolete, given how difficult cryptocurrency can be to identify and trace. Throughout modern history, governments have survived through taxation, or the involuntary acquisition of the product of their citizens’ labor. The advent of government-controlled money made this process vastly simpler. However, with the rise of BitcoinCT r: 8CT r: 8 and other cryptocurrencies based on blockchain technology, state power to tax income is slipping, and may at some point become a thing of the past entirely. At its root,....