People who trade Cryptocurrency in Thailand will be subject to a 15% upper income tax.
Thailand has increasingly intensified its regulatory stance on cryptocurrencies. Finally, the country announced that it will impose a capital gains tax on crypto investors.
According to the Thai Ministry of Finance, profits from cryptocurrency trading will now be subject to a 15% capital gains tax.
Cryptocurrency Tax Officer Coming to Thailand
The report stated that the new tax will apply to cryptocurrency investors and miners, but crypto-asset exchanges are exempt from such taxes. Some of the major stock exchanges in Thailand are tied to banks and billionaire businessmen.
Bitkub, Thailand’s largest stock exchange, was acquired by Siam Commercial Bank, the country’s oldest bank, in November. Upbit Thailand is owned by family members of CP Group, the country’s largest food monopoly. Zipmex Thailand, meanwhile, raised more than $40 million in August from the country’s fifth-largest lender, Bank of Ayudhya.
Thailand’s Revenue Department plans to strengthen its oversight of the cryptocurrency industry this year, following an increase in trading volume in 2021.
Stock market bosses like Zipmex co-founder and CEO Akalarp Yimwilai said calculating taxes is complex, especially if exchange rates with the USD have to be factored in;
It is not clear at this time whether the taxes will be collected on annual filings or whether the government will determine the source from exchanges.
In December, the Bank of Thailand stated that it would take new measures to regulate cryptocurrency-related activities for individuals and businesses. The central bank will release an advisory for crypto-related businesses this month. In addition, Thailand’s central bank has repeatedly warned commercial banks and local businesses not to accept digital assets as payment.