Thailand: crypto traders slapped with 15% capital gain tax

Sahana Kiran
Thai

While the entire globe reaps the benefits of the crypto-verse, Thai crypto traders were subjected to a capital gains tax of 15%.

The crypto industry has witnessed an immaculate journey. From being closely linked to the dark web to growing into a trillion-dollar industry, the crypto-verse has been lauded by many. Previously, governments across the globe were seen denouncing the crypto market and even refused to acknowledge the industry. The tables have certainly turned, the latest news from the Thai government is proof of the same.

Even though the crypto industry started out with zero shackles, an array of government entities have begun to closely monitor the industry. Now, the profits that crypto investors were making seemed to have caught the eye of the government. Therefore, eyeing taxpayers’ money, the Thai government decided to levy a 15% capital gains tax on crypto traders.

The new law would bring the Revenue Department into the picture as they intend to bolster their surveillance pertaining to crypto trading. However, this new law comes with exemptions. Retail investors, as well as mining operators, are subject to this tax while exchanges will be left out.

Addressing the Thai government’s latest move, Akalarp Yimwilai, the co-founder of a prominent crypto exchange, Zipmex Thailand stated,

“Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don’t know how to calculate them.”

Furthermore, the report noted that the profits made by crypto traders would be taxed under Section 40 of the Royal Decree amending Revenue Code No.19, as they would be considered assessable income.

Thai government and crypto

The Thai government has been bullish about crypto. Thailand thrives on tourism. Therefore, the government even considered rolling out its very own utility token in order to boost the economy via tourism.

Back in 2021, the Thai government had announced that it would roll out regulations concerning crypto in 2022.