Carefree times are over – With the rise of cryptocurrencies and bitcoin (BTC) trading, all countries are looking to regulate the phenomenon and to adapt the legislation in relation to taxes. Thailand is no exception. Thai investors and miners will have to pay a 15% capital gains tax starting this year.
Taxed BTC trading and mining
Virtual currencies are on the rise in Thailand. L’prohibition cryptocurrencies and Bitcoin by the China attracted huge numbers of miners to the country and the oldest bank in the kingdom, the Siam Commercial Bank, bought 51% of the shares of BitKub, the largest crypto exchange in Thailand.
According to Bangkok Post, the main local news agency, the Thai government is making progress in regulations of the crypto ecosystem, enacting new tax rules for the industry. Indeed, profits from trading and mining in Thailand are now subject to a 15% capital gains tax.
The Ministry of Finance has therefore recommended that investors calculate and declare their income from cryptocurrencies in their 2022 tax declarations in order to avoid legal sanctions. The new tax will be collected from all taxpayers who have derived profits from crypto, including trading operations. trading and of mining.
The profits from these activities are considered a taxable income, under article 40 of the royal decree modifying the tax code n° 19, indicates the report of the ministry. The Thai Revenue Service also plans tointensify surveillance of a booming crypto market in the country.
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Exempt cryptocurrency exchanges
Thai financial authorities are also considering legislation to levy a 15% tax on capital since March 2018. For the moment, the exchanges of cryptocurrencies are exempt new tax requirements, but until when?
Akalarp Yimwilai, co-founder and CEO of Zipmex Thailand, shares his worries regarding uncertainty persistent about the process of tax declaration and how to calculate profits:
“Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes but don’t know how to calculate them. »
Bank of Thailand Governor Sethaput Suthiwartnarueput officially announced in mid-December that the Central Bank plans to issue new regulations specific to the virtual currency industry earlier this year.
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