What Crypto Taxes Thailand Imposes: Details
The CEO of Thailand’s Revenue Department said that the final criteria for calculating taxes on cryptocurrency will be formulated by the end of January 2022.
A week earlier, the Thai government announced plans to introduce a 15% capital gains tax on the cryptocurrency sector.
According to the Bangkok Post, Thai Prime Minister Prayut Chan-Ocha has instructed the tax department to provide clarifications to investors and the public.
On January 9, the Thai Digital Asset Association contacted the tax department to seek clarification on capital gains and withholding taxes, according to local media.
Since there was no clarification before, some traders were concerned that tax arrears or penalties might be applied to profits and trades made in previous years.
A government spokeswoman said the new tax would only apply to profits from trading and mining, not Thai digital asset exchanges. Those who fail to comply with the new filing requirements can face severe fines.