Crypto trading profits in Thailand will be subject to a 15% tax from this year
With the significant growth of the crypto market last year, the revenue department plans to step up its oversight of crypto trading this year.
With the rapid growth of the crypto market, tax authorities around the world have started to tax the industry to increase their income. The latest to join the trend is Thailand, which will start imposing taxes on crypto income this year.
Thailand will start imposing a capital gains tax of 15% on profits from crypto trading in 2022, according to Bangkok Post citing an anonymous source from the Ministry of Finance. To avoid penalties, the ministry recommends that investors correctly identify their crypto income when filing income tax this year.
Under the new tax regime for 2022, investors, as well as mining operators, will all be subject to a withholding tax of 15%. However, crypto exchanges are exempt from these duties, the source added.
With the significant growth of the crypto market last year, the revenue department plans to step up its oversight of crypto trading this year, according to the source. Under Article 40 of the Royal Decree amending Tax Code No.19, the department can levy taxes on trading in cryptocurrencies, as the profits from the activity are considered taxable income.
However, players in the country’s crypto industry said there were still questions on how to calculate crypto trading profits. “Tax methods and calculations should be more concise, clear and easy to understand. A lot of people I know want to pay taxes, but don’t know how to calculate them, ”said Akalarp Yimwilai, co-founder and CEO of the Zipmex Thailand crypto exchange.
He added that it would be extremely useful for investors if the government could provide advanced tools to calculate crypto gains. “As an exchange provider, Zipmex has worked on developing a system to help our customers calculate profit and loss, but it’s very difficult,” he added. “If the revenue department really has such an advanced data analysis system that it can accurately calculate cryptocurrency earnings, it would be a great advantage to share it with the industry.”
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