Sunday, July 21, 2024

Thailand’s government is working to clear up the misunderstanding around cryptocurrency taxes

Crypto taxation is a controversial issue and lacks any framework on a global level. As a result, governments are left on their own to come up with a taxation policy that makes sense for the crypto sector. However, the core idea of cryptocurrency does not take taxation into its gambit. Nonetheless, governments are coming up with crypto taxation policies to gain revenue from this thriving market. After Turkey went through rounds of misunderstanding and confusion regarding cryptocurrency taxation, the government of Thailand is now trying to clear all confusions surrounding cryptocurrency taxation policy in the country.

In the past week, the Thai revenue department decided to impose a 15% tax on capital gains. The taxation policy includes both crypto investors and miners. However, the government directive still lacks clarity and investors are worried about its implication. To clear up this confusion, the government of Thailand is working actively with different financial bodies in the country.

One of the most important concerns for traders and investors is whether penalties would be levied for past transactions and capital gains. If any form of penalty is levied for past gains, it would result in a significant amount of money for many traders. That’s just one of the many issues that Thai investors do not have any clear answer to. However, the government hopes to clear all confusion and come up with a solid crypto taxation framework within the coming weeks. If done successfully, Thailand will be one of the few countries in Southeast Asia to have a fully functional crypto taxation policy.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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