In Thailand, cryptocurrency users will pay a 15% tax on their earnings. In fact, according to the new established rules, all profits resulting from operations involving cryptocurrencies will be subject to a tax. This decision is for all crypto users, without distinction.
“The Ministry of Finance of Thailand advises investors to indicate their income from cryptocurrency holdings. When they file their tax returns this year. “
Specifically, a report from the Bangkok Post. Citing Sommai Siriudomset, a source from the Ministry of Finance, he communicates that cryptocurrency traders in Thailand will have to pay a 15% tax on their earnings with crypto assets.
«If the department finds any irregularity regarding the payment of taxes. It has the power to summon related parties. Including financial institutions or trading platforms. To provide information.
In particular, in September 2021, Thailand participated in its interest in fostering crypto tourism. Even so, this year it is advised that the taxpayers of that country who benefit from cryptos, will have to pay a tax. The reason given is that the cryptocurrency industry is becoming important in the financial landscape.
In Thailand a 15% tax will be paid
The Ministry of Finance plans to improve the security that exists in the cryptocurrency industry. To do this, it has taken new measures that force users of these assets to agree to pay additional taxes this year.
By the way, the obligation concerns all taxpayers who made profit from transactions with cryptocurrencies. Including investors and operators of crypto mining facilities. However, crypto exchanges will be exempt from the levy.
Therefore, the Ministry of Finance of Thailand decides that a tax of 15% will be levied on crypto profits in the future. However, so far it is not clear when to talk about profit. Also, control and oversight in the direction of the crypto space is expected to increase in the future.
How will the winnings be calculated?
For a better understanding, the earnings from cryptocurrency trading are considered assessable income according to Section 40 of the Royal Decree amending the Revenue Code No. 19. In view of the significant expansion of the crypto market in 2021, the financial authorities now plan to improve its supervision of currency trading activities in the country.
Consequently, according to Akalarp Yimwilai, co-founder and CEO of Zipmex Thailand: “Tax calculations and methods need to be more concise, clear and easy to understand. Several people I know are willing to pay taxes, but they don’t know how to calculate them.
He added, “Zipmex has worked hard to develop a system to help our clients calculate profit and loss, but it is very difficult. If the Department really has such an advanced data analytics system that it can accurately calculate cryptocurrency earnings, it would be very beneficial to share it with the industry.
Likewise, Sanjay Popli, co-founder of Cryptomind, owner of Merkle Capital, said that many investors still don’t know how the Revenue Department will calculate profits and losses from trading cryptocurrencies.
I close with this phrase by José Cecilio Del Valle: «The government that demands a tax increase with one hand. He must with the other seek the increase of wealth.