Thailand’s Ministry of Finance announced to local press on January 6 that cryptocurrency-related earnings, such as those resulting from trading digital currencies, will be taxed at a rate of 15 percent from now on. Following this, the country’s Finance Ministry directed investors to indicate and report their income from cryptocurrency holdings when they file their tax returns in 2022, according to a report from Bitcoin.com.
In order to improve surveillance of crypto trading in 2022 after last year’s significant market growth, the ministry introduced the new tax slab. The new tax rule is for all taxpayers, including investors and operators, of crypto mining facilities that made a profit from cryptocurrency transactions, an official from the Ministry of Finance explained. However, digital asset exchanges will be exempt from the tax.
According to Section 40 of the Royal Decree of Thailand, which modifies the Revenue Code No. 19, the profits made from trading cryptocurrencies are considered as assessable income. In view of the significant expansion of the digital asset market in 2021, financial authorities now plan to improve their supervision over currency trading activities in the country.
However, certain aspects of taxation on cryptocurrencies are not clear or explained yet, according to crypto industry representative Akalarp Yimwilai, co-founder and CEO of crypto exchange Zipmex. Yimwilai noted that there are many unanswered questions about the new taxes. Few are how to calculate profit and know if the income from a price increase in US dollars would be considered profit.
Thailand has welcomed cryptocurrencies and sought to capitalize on the expanding global market through its thriving tourism sector. In November, the TAT governor emphasized that Thailand aims to become a crypto-positive partnership to attract crypto holders and strengthen its tourism industry.
For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, Click here.
In order to improve surveillance of crypto trading in 2022 after last year’s significant market growth, the ministry introduced the new tax slab. The new tax rule is for all taxpayers, including investors and operators, of crypto mining facilities that made a profit from cryptocurrency transactions, an official from the Ministry of Finance explained. However, digital asset exchanges will be exempt from the tax.
According to Section 40 of the Royal Decree of Thailand, which modifies the Revenue Code No. 19, the profits made from trading cryptocurrencies are considered as assessable income. In view of the significant expansion of the digital asset market in 2021, financial authorities now plan to improve their supervision over currency trading activities in the country.
However, certain aspects of taxation on cryptocurrencies are not clear or explained yet, according to crypto industry representative Akalarp Yimwilai, co-founder and CEO of crypto exchange Zipmex. Yimwilai noted that there are many unanswered questions about the new taxes. Few are how to calculate profit and know if the income from a price increase in US dollars would be considered profit.
Thailand has welcomed cryptocurrencies and sought to capitalize on the expanding global market through its thriving tourism sector. In November, the TAT governor emphasized that Thailand aims to become a crypto-positive partnership to attract crypto holders and strengthen its tourism industry.
For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, Click here.
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