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Tuesday, July 5, 2022

Thailand Would Be Clearing Up Crypto Confusion

The government of  ThThailand has been fast-tracking its plans for crypto tax as it prepares regulations for traders of digital assets. This would be the effort from the government to provide much-needed clarity on activities that are crypto-related.

The Thai director general of the revenue department has stated their clear criteria for calculating the taxes that would come up on their crypto trading profits which would be finalized at the latter half of this month.

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This statement comes pretty close to the end of the week after the country’s government unveiled the plans of levying cryptocurrency miners and traders with a capital gains tax of 15%.

Thailand Revenue Department Levying Taxes On Crypto

The Prime Minister of Thailand, Prayut Chan-o-cha has instructed the department of revenue to continue devising solutions for the issue and provide clarification for the public as well as the investors according to a Bangkok Post article on the 11th of January.

The department has already been in much discussion with the Bank of the country, the SEC, and the Stock Exchange that is operational in the South East Asian country. 

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On the 9th of January, the Thailand Digital Asset Association went on to contact the department of revenue seeking further clarity on withholding taxes as well as capital gains according to local media.

Suppakrit Boonsat, the Association President stated that most of the cryptocurrency investors are quite ready to pay their taxes but have been pretty concerned if their move would be violating the existing Revenue Code. 

Last December saw the Bank of Thailand stated that it would be drawing up new measures to regulate activities which would regulate crypto-related activities for individuals as well as businesses in what has been termed as the red lines for the industry. 

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