Thailand’s Ministry of Finance announced on January 6th, that profits related to cryptocurrency will be taxed at a 15% rate going forward. This includes profits from trading digital currencies. The Ministry of Finance also asked investors to indicate as well as report how they make their income. This is in relation to holdings dealing with crypto.
This information should be provided by investors during their 2022 tax declarations.
Surveillance of Crypto Trade
The year 2021 witnessed a significant trade in cryptocurrencies. The new slab on tax comes as a way to improve surveillance on such trade. The new rules of taxation apply to every taxpayer, and this includes operators as well as investors when it comes to crypto mining facilities. It also includes people who profited from cryptocurrency transactions.
The Ministry of Finance added that exchanges involving digital assets would find exemption from this tax.
Thailand and Cryptocurrency Taxation
Under Section 40 belonging to the Royal Decree in Thailand, the amendment of Revenue Code No.19, means that any profits from trading cryptocurrency are seen as income that is assessable. Not all aspects of cryptocurrency taxation in Thailand are understood yet, however.
Generally, the country of Thailand has been very welcoming when it comes to cryptocurrencies. They have even tried to capitalize on the global market expansion by means of tourism in the country. Just last November, the governor TAT said that the country was aiming to become a society positive for inviting crypto holders and strengthening how tourism works in the country.