Sunday, January 23, 2022

Crypto traders in Thailand will be subject to 15% capital gains tax: report

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Thai taxpayers who profit from cryptocurrencies will be subject to a 15% capital gains tax this year, according to the Bangkok Post.

  • Stock exchanges will be exempt, but not retail investors or mining operators, according to the paper, which quotes an unidentified person at the finance ministry.
  • The revenue department plans to step up its oversight of cryptocurrency trading after experiencing significant growth in market size and market value for digital assets in 2021, according to the report.
  • According to Article 40 of the Royal Decree amending the Tax Code No.19, the department may consider the profits from cryptocurrency trading as taxable income. The report contained a ministry recommendation that investors should identify their income from cryptocurrencies when filing income tax this year in order to avoid legal sanctions.
  • A capital gains tax is a tax on the profit made on the sale of a non-inventory asset.

See also: UK tax collector sends ‘nudge’ letters to crypto investors: report

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