Crypto investors in Thailand pay 15% capital gains tax, report revealed-taxes
Crypto investors in Thailand pay 15% capital gains tax, report revealed-taxes
crypto-related profits, for example from the trade in digital currencies, are taxed with a sentence of 15%, said a civil servant of the Ministry of Finance of the Local Press in Thailand. After the significant market growth last year, the department intends to improve the monitoring of the crypto trade in 2022.
Thailand calls for crypto retailers to report profits from tax returns
The Thai Ministry of Finance advises investors to state their income from crypto stocks at this year's tax return, reported the Bangkok Post on Thursday. Capital profits from the trade in cryptocurrencies are subject to a tax of 15%, added the newspaper and quoted a source of the ministry.
The obligation concerns all taxpayers who made profits with transactions with cryptocurrencies, including investors and operators of crypto mining systems, made it clear. However, the exchange of digital assets is released from the levy.
profits from the trade in cryptocurrencies are considered to be valuable income in accordance with section 40 of the royal decree to change the income law No. 19, the report says. In view of the significant expansion of the market for digital assets in 2021, the tax authorities are now planning to improve their supervision.
However, not all aspects of crypto taxation are clear, as a representative of the industry emphasized. Akalarp Yimwilai, co-founder and CEO of the Zipmex crypto exchange, noticed that there are still many questions about the profit calculation. One of them is whether profits from a price increase are regarded as a profit when strengthening the US dollar. He continued:
Tax methods and calculations should be more concise, clearer and more understandable. Many people I know want to pay taxes, but do not know how to calculate them.
he added that zipmex tried to develop a system that enables its customers to estimate their winnings and losses, but the task proved to be difficult to solve. "If the Ministry of Finance really has such a progressive data analysis system that it can calculate profits from cryptocurrencies, it would be a great advantage to share it with the industry," he noted.
The authorities in Thailand, an important tourist destination, tried to show a friendly attitude towards the growing number of users of cryptocurrencies, especially among visitors. In September, the tourism authority of the state Governor that Thailand has to be a "cryptopositive society". Last month, official of the Bank of Thailand that is not illegal.
Do you believe that the authorities in Thailand will continue to clarify the tax rules for cryptocurrency investors? Tell us in the comment area below.
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