digital: Crypto-related profits from the trading of digital currencies to be taxed at 15% in Thailand

Thailand’s Ministry of Finance announced to the local press on January 6 that crypto-related profits, such as those from cryptocurrency trading, will be taxed at a rate of 15 percent now onward. Subsequently, the country’s Ministry of Finance instructed investors to indicate and report their income from cryptocurrency holdings when filing their tax returns in 2022, according to a report.
In order to better monitor crypto trade in 2022 after the huge growth in the market last year, the ministry introduced a new tax slab. A Finance Ministry official clarified that the new tax rule applies to all taxpayers, including investors and operators, of crypto-mining facilities who have made a profit from transactions with cryptocurrencies. However, digital asset exchanges will be exempt from the tax.
Under Article 40 of Thailand’s Royal Decree, amending Revenue Law No. 19, gains from cryptocurrency trading are assessable income. In light of the significant expansion of the digital asset market in 2021, the financial authorities are now planning to improve their oversight of currency trading activities in the country.
However, some aspects of cryptocurrency tax are not yet clear and clarified according to a representative of the crypto industry such as Akalarp Yimwilai, co-founder and CEO of crypto exchange Zipmex. Yemulaye noted that many questions remain unanswered about the new taxes. A little bit about how to calculate profits and whether the income from the price increase in US dollars would be considered a profit.
Thailand welcomes cryptocurrencies and has tried to take advantage of the expanding global market through its booming tourism sector. In November, Governor TAT confirmed that Thailand aims to become a positive crypto community to attract crypto holders and boost its tourism industry.
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