Thailand’s cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. traders will be subject to a 15% capital capital is most commonly defined as the large sum of money you would use to invest. gains gains refer to an increase in value or profit. tax, according to media reports in the country.
Taxes on cryptocurrency earnings are among the fears of crypto investors. Now, a report from the media Bangkok Post quoted in Coindesk reports that taxpayers in Thailand will have to pay a 15% tax on their cryptocurrency gains.
The report quotes a person from the Ministry of Finance who also said that cryptocurrency traders should prepare for increased scrutiny.
Taxpayers in Thailand who profit from cryptocurrencies will be subject to a 15% capital gains tax this year 2022, according to the report by the Bangkok Post.
Although it may seem contradictory, according to the article exchanges will be exempted, but not retail investors or mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. operators The newspaper quoted an unidentified person at the Finance Ministry as saying.
The Department of Revenue plans to strengthen its oversight of cryptocurrency trading after it experienced significant growth in the market an area or arena, online or offline, in which commercial dealings are conducted. size and value of the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset market in 2021, according to the report.
How to calculate taxes
According to Section 40 of the Royal Decree amending Revenue Code the action of coding is to write programming statements for a program. No 19, the department can consider profits from cryptocurrency trading as taxable income. The report included a recommendation from the ministry that investors should identify their cryptocurrency income when filing their taxes this year to avoid legal penalties.
A capital gains tax is a tax on gains realized on the sale of a non-inventory asset.
Akalarp Yimwilai, co-founder and chief executive officer of Zipmex Tailandia he told the Bangkok Post that many questions remain about how to calculate gains, including whether a gain from a price increase as the U.S. dollar strengthens is considered a gain, he said.
“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”, Dijo Akalarp.
Anon Thadium, a judge at the Central Tax Tribunal, wrote in an article that any trader who makes profit from cryptocurrency sales is considered a beneficiary of crypto transactions. This profit is assessable income under Section 40 and must be calculated for personal income tax, he said.
Thailand and regulation
In September of last year, Thailand reported its interest in promoting crypto-tourism and even have their own token. At the same time, in 2021 some signs of regulations in the area appeared: In June trading of NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. and meme tokens banned as Dogecoin . Also in June, the Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission indicated that DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. operations could start to be governed under a regulation .
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