Thailand government to clear up crypto tax confusion

The Thai revenue department’s director-general has stated that clear criteria for calculating taxes on crypto trading profits will be finalized this month. The statement comes less than a week after the Southeast Asian country’s government unveiled plans to levy cryptocurrency…

Thailand government to clear up crypto tax confusion

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The Thai revenue department’s director-general has stated that clear criteria for calculating taxes on crypto trading profits will be finalized this month.

The statement comes less than a week after the Southeast Asian country’s government unveiled plans to levy cryptocurrency traders and miners with a 15% capital gains tax.

Thai Prime Minister Prayut Chan-o-cha had instructed the revenue department to brainstorm the issue and provide clarification for investors and the public according to a Tuesday Bangkok Post article.

The department has already been in discussion with the Bank of Thailand, the Securities and Exchange Commission and the Stock Exchange of Thailand.

On Sunday, the Thai Digital Asset Association contacted the revenue department, seeking clarity on capital gains and withholding taxes according to local media. Association President Suppakrit Boonsat said:

“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.”

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