Crypto buyers in Thailand pay 15% capital positive factors tax, report revealed

Crypto-related profits, for example from trading digital currencies, are taxed at a rate of 15%, an official from the Treasury Department told the local press in Thailand. After the significant market growth last year, the department intends to improve the monitoring of crypto trading in 2022.

Thailand urges crypto traders to report profits from tax returns

The Thai Treasury advises investors to declare their crypto holdings income on this year’s tax return, the Bangkok Post reported on Thursday. Capital gains from trading cryptocurrencies are subject to a 15% tax, the newspaper added, citing a ministry source.

The official made it clear that the obligation affects all taxpayers who make profits from transactions in cryptocurrencies, including investors and operators of crypto mining facilities. However, the exchange of digital assets is exempt from the tax.

Profits from trading cryptocurrencies are considered assessable income under Section 40 of the Royal Decree Amending Income Act No. 19, the report said. With the digital asset market expanding significantly in 2021, tax authorities are now planning to improve their oversight of coin trading activities in the country.

However, not all aspects of crypto taxation are clear, as an industry representative has pointed out. Akalarp Yimwilai, co-founder and CEO of the Zipmex crypto exchange, noted that there are still many questions about calculating profits. One of them is whether gains from a rise in the value of the US dollar are seen as gains. He continued:

Tax methods and calculations should be more concise, clear and understandable. A lot of people I know want to pay taxes but don’t know how to calculate them.

He added that Zipmex had tried to develop a system that would allow its customers to gauge their profits and losses, but the task had proven difficult to solve. “If the Treasury Department really has an advanced data analysis system in place that can accurately calculate cryptocurrency profits, it would be a huge benefit to share it with the industry,” he noted.

The authorities in Thailand, a major tourist destination, have tried to show a friendly attitude towards the growing number of users of cryptocurrencies, especially among visitors. In September, the country’s tourism authority announced that it would promote a “crypto-tourism atmosphere”, and in November its governor stressed that Thailand had to become a “crypto-positive society”. Last month, Bank of Thailand officials stated that crypto payments are not illegal.

Tags in this story

Capital Gains, Coins, Crypto, Crypto Investors, Crypto Trading, Crypto Traders, Crypto Trading, Crypto Currencies, Crypto Currency, Digital Currencies, Treasury, Investors, Levy, Supervision, Profits, Regulations, Tax Office, Supervision, Taxes, Taxation, Taxpayers , thailand, trade, dealer, trade

Do you think the authorities in Thailand will further clarify the tax rules for cryptocurrency investors? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am and not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two more Sources of inspiration.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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