The Ministry of Finance in Thailand announced to the local press on January 6 that crypto-related profits such as those resulting from the trading of digital currencies, will be taxed at a rate of 15 percent now onwards. Following this, the country’s Ministry of Finance instructed investors to indicate and report their income from crypto holdings when they file their tax declarations in 2022, according to a Bitcoin.com report.
In order to improve the surveillance of crypto trade in 2022 after last year’s significant market growth, the ministry introduced the new tax slab. The new taxation rule is for all taxpayers, including investors and operators, of crypto mining facilities who made a profit from transactions with cryptocurrencies, a finance ministry official explained. However, digital asset exchanges will be exempted from the tax.
Under Thailand’s Section 40 of the Royal Decree, amending Revenue Code No.19, gains made from cryptocurrency trading are considered assessable income. In view of the significant expansion of the digital asset market in 2021, financial authorities now plan to improve their oversight over coin trading activities in the country.
However, certain aspects of crypto taxation are not clear and explained yet according to the representative from the crypto industry like Akalarp Yimwilai, co-founder and chief executive of crypto exchange Zipmex. Yimwilai pointed out that many questions remain unanswered about the new taxation. Few of them are how to calculate profits and to know whether income from a price increase in the US dollar would be considered a profit.
Thailand has been welcoming towards cryptocurrencies and tried to capitalize on the expanding global market through its thriving tourism sector. In November, TAT governor emphasized that Thailand is aiming to become a crypto-positive society for attracting crypto holders and strengthening its tourism industry.
For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.
In order to improve the surveillance of crypto trade in 2022 after last year’s significant market growth, the ministry introduced the new tax slab. The new taxation rule is for all taxpayers, including investors and operators, of crypto mining facilities who made a profit from transactions with cryptocurrencies, a finance ministry official explained. However, digital asset exchanges will be exempted from the tax.
Under Thailand’s Section 40 of the Royal Decree, amending Revenue Code No.19, gains made from cryptocurrency trading are considered assessable income. In view of the significant expansion of the digital asset market in 2021, financial authorities now plan to improve their oversight over coin trading activities in the country.
However, certain aspects of crypto taxation are not clear and explained yet according to the representative from the crypto industry like Akalarp Yimwilai, co-founder and chief executive of crypto exchange Zipmex. Yimwilai pointed out that many questions remain unanswered about the new taxation. Few of them are how to calculate profits and to know whether income from a price increase in the US dollar would be considered a profit.
Thailand has been welcoming towards cryptocurrencies and tried to capitalize on the expanding global market through its thriving tourism sector. In November, TAT governor emphasized that Thailand is aiming to become a crypto-positive society for attracting crypto holders and strengthening its tourism industry.
For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.
Read More:digital: Crypto-related profits from the trading of digital currencies to be taxed at 15%
