Thailand loosens tax rules for crypto investors and completes 15 % withholding tax-taxes
Thailand loosens tax rules for crypto investors and completes 15 % withholding tax-taxes
Thailand has relaxed the tax regulations for cryptocurrency investors and abolished its planned withdrawal tax of 15 %. "The financial department did a lot of homework and also turned to crypto operators to get feedback ... It is much more friendly for both investors and the industry," said the CEO of a crypto exchange.
Thailand's new crypto control rules
Thailand rejected his plan to collect a withholding tax of 15 % on cryptocurrency transactions after it has been pushed back by the crypto industry. The Thai Ministry of Finance has also published a manual that tears the new tax regulations for cryptocurrencies and digital tokens.
Tax officials said on Monday that income from cryptocurrency could be reported as capital gains, reported the Financial Times, and added that the new rules would enable dealers to compensate for their annual losses with profits achieved in the same year.
The crypto community welcomes the announcement of Monday. Pete Peeradej Tanruangporn, CEO of the cryptocurrency exchange Upbit and co-chair of the Thailand Digital Asset Operators Trade Association, commented: "The finance department did a lot of homework and also did to get feedback." He stated:
It is much friendly for both investors and industry.
Last week the Bank of Thailand, the Thai Securities and Exchange Commission and the Finance Ministry of the Land announced plans to do this regulate cryptocurrency as a means of payment.
While Thailand makes its tax rules more friendly for cryptocurrency investors, the government of India has just proposed to tax crypto transactions with 30 %, the country's highest tax range.
What do you think that Thailand makes the tax rules more crypto -friendly? Let us know in the comment area below.
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