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Crypto investments are now taxed at 15 percent in Thailand

 


For investors, investment companies and crypto companies, a hefty tax on trading in cryptocurrencies will be due in Thailand from 2022.


The government of Thailand is increasingly nailing its legal treatment of cryptocurrencies, which is now culminating in the fact that there is a new type of taxation for the asset class.


As of now, 15% capital gains tax will be due on all profits from crypto investments, as the Bangkok Post reported on Thursday .


In addition, the Thai tax office wants to carry out stricter monitoring of the crypto market in the new year after there was a real boom last year . The tax office has the handle for this, because according to Article 40, Paragraph 19 of Thai tax law, profits from crypto currencies can be made taxable, similar to comparable trading activities.


The country's finance ministry therefore recommends that investors report their profits from trading cryptocurrencies for the year 2022 in order to avoid any fines. The new tax applies immediately to all taxpayers who make profits from cryptocurrencies, including investment firms and mining companies.


However, crypto exchanges are exempt from the new tax liability.


Akalarp Yimwilai, one of the founders and managing directors of the crypto trading platform Zipmex Thailand, nevertheless criticizes the fact that the calculation of the tax burden and the entire declaration process is still rather vague.


“ The tax declaration and calculation methods need to be formulated more precisely and should be simple and easy to understand. Lots of people want to pay taxes [on crypto] but don't even know how to calculate them. "


The latest announcement is against the background that Thailand's government wants to define “red lines” for the crypto market in early 2022. The head of the Thai central bank, Sethaput Suthiwartnarueput, announced in mid-December that the Bank of Thailand would formulate crypto regulations at the beginning of the new year.


As previously reported , the Asian country has been considering levying a capital gains tax of 15% on trading in cryptocurrencies since March 2018.

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